Business magnate and investor Elon Musk is formally ending his $44 billion bid to buy Twitter.NNIn a fresh SEC filing on Friday July 8, Twitter shared a letter it received from Elon Musk’s legal team indicating displeasure with the company’s offered information
regarding the level of "spam and fake accounts" on its service."Mr.
Musk is terminating the Merger Agreement because Twitter is in material breach
of multiple provisions of that Agreement, appears to have made false and
misleading representations upon which Mr. Musk relied when entering into the
Merger Agreement, and is likely to suffer a Company Material Adverse
Effect," Musk’s lawyers wrote in a letter to Twitter’s Chief Legal Officer
Vijaya Gadde.
Musk
points to his repeated claims that Twitter is likely misleading investors and
users about the number of automated accounts on its platform, which the company
has long estimated to be under 5 percent.
Read the
full letter from Musk's lawyer to Twitter below.
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