Elon Musk quits $44 billion deal with Twitter

elon musk quits $44 billion deal with twitter
elon musk quits $44 billion deal with twitter

Elon Musk, chief executive officer of Tesla Inc, announced on Friday that he was cancelling his $44 billion deal with Twitter Inc, citing Twitter’s failure to share information about false accounts on the network.

In extended trading, Twitter’s stock sank by 6 percent.

Musk’s attorneys stated in a document that Twitter failed or refused to reply to several requests for information on fraudulent or spam accounts on the network, which is crucial to the company’s financial performance.

Musk had threatened to terminate the agreement unless the firm provided evidence that spam and bot accounts accounted for less than 5% of users who saw advertisements on the social media service.

Musk was granted access to Twitter’s “firehose” of raw data on hundreds of millions of daily tweets last month.

Twitter did not react immediately to a request for comment from Reuters.

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