Elon Musk pulls out of $44 billion Twitter deal
STORY: Elon Musk said late Friday that he was terminating his $44 billion deal to buy Twitter, saying that the social media company had failed to provide information about fake accounts on the platform.
In a filing, Musk's lawyers said Twitter had failed or refused to respond to multiple requests for information on fake or spam accounts on the platform, which is fundamental to the company's business performance.
The Tesla CEO had threatened to halt the deal unless the company showed proof that spam and bot accounts were fewer than 5% of users.
Last month, Twitter allowed Musk access to its "firehose," a repository of raw data on hundreds of millions of daily tweets.
Twitter's chairman, Bret Taylor, said on the platform that the board planned to pursue legal action to enforce the merger agreement.
Shares of Twitter plummeted in extended trading following the news.
