WASHINGTON: Elon Musk is seeking to end his $44bn bid to buy Twitter, alleging multiple breaches of the agreement, BBC has reported.
The announcement is the latest twist in a long-running saga after the world’s richest person decided to buy Twitter in April, it said.
Musk said he had backed out because Twitter failed to provide enough information on the number of spam and fake accounts.
Twitter says it plans to pursue legal action to enforce the agreement.
“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk,” Twitter Chairman Bret Taylor wrote in a tweet, setting up a potentially long and protracted legal battle between the two sides.
The original merger agreement includes a $1bn (£830m) break-up fee, BBC reported.
In May, Musk said the deal was “temporarily on hold” as he was awaiting data on the number of fake and spam accounts on Twitter.
The billionaire businessman had asked for evidence to back the company’s assertion that spam and bot accounts make up less than 5% of its total users.
(Inputs from BBC)
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