Elon Musk gives up on buying Twitter

He cited Twitter’s failure to provide him with sufficient information on the number of fake accounts on the platform as the reason.

Twitter immediately responded, saying it would sue Mr Musk in order for him to abide by the terms of the deal.

The company could have settled for a $1 billion breach-of-deal penalty, which Mr. Musk appeared willing to pay under the circumstances, but instead, Twitter announced it would “fight” to end the acquisition, which the company’s board has approved and its chief executive officer Parag Agrawal has insisted he wants to go through with.

In a letter to Twitter’s board, Mr. Musk’s lawyer, Mike Ringler, complained that his client had been searching for nearly two months for data about “fake or spam” accounts on the social media platform.

“Twitter has failed or refused to provide this information. At times, Twitter has ignored Mr. Musk’s requests, at times it has rejected them for reasons that seem unjustified, and at times it has pretended to comply with them, giving Mr. Musk incomplete or non-working information.“, the letter says.

Mr. Musk said the information was essential to Twitter’s performance and necessary to complete the acquisition.

In response to this decision, Twitter chairman Bret Taylor wrote that the board is “committed to closing the transaction for the price and terms agreed” with Mr. Musk, and that he “plans to pursue legal action to close the merger agreement”.

“We are confident that we will prevail in the Delaware Court“, Mr. Taylor wrote on Twitter.

This is the latest development in a saga between the world’s richest man and one of the most influential social media platforms. Much of the drama has played out on Twitter, where Mr. Musk, who has about 100 million followers, has complained that the company was failing to live up to its potential as a platform for free speech.

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