Elon Musk says he is going to Terminate the $44 Billion Twitter Buyout Deal

Elon Musk announced on Friday he is backing out of his tumultuous $44bn offer to buy Twitter after the company failed to give sufficient details on the number of fake accounts.

Twitter Inc made misleading statements regarding the number of spam bots on the social media platform.

Twitter did nothing to fulfill its contractual obligation to provide information about how it assessed the prevalence of the bots, representatives of Elon Musk said in the cease-and-desist letter sent on Friday.

Read Complete Article About The Deal From The Link Given Below.

Twitter shares were down about 6% after hours on Friday.

The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement.

“We are confident we will prevail in the Delaware Court of Chancery,” Taylor wrote.

While Musk is now officially seeking to walk away from the deal, this saga is likely far from over.