Elon Musk terminates deal to acquire Twitter
18:18
Elon Musk, head of Tesla and SpaceX, wrote Twitter that he is terminating an agreement reached with management to purchase the social network because of "false and misleading" information about the company. In a published letter, Musk's lawyers assert that Twitter reneged on its commitments in the deal by failing to provide all required information on the number of inauthentic accounts and spam.
Twitter has repeatedly said in recent weeks that the number of fake accounts on its platform is less than 5 percent. The multibillionaire and his team believe that the network is lying and that this is affecting the profitability of its business, and thus the value of the company.
Musk reached a final agreement with the group's management to buy the social network at a price of $54.20 per share, or a total of $44 billion, on April 25. Since then, Twitter has lost more than a quarter of its value, while Tesla's stock has also fallen nearly 25 percent in that time.
