Months following the deal that occupied the world, American billionaire Elon Musk announced that he had canceled the agreement to buy the social networking site Twitter.
The owner of Tesla confirmed that he had canceled the $44 billion deal to buy the blue bird, citing that the social media company had failed to provide information regarding the fake accounts on its platform.
In a notice to regulators, Musk’s lawyers also added that Twitter failed or refused to respond to multiple requests for information regarding fake or unwanted accounts on the platform, which is essential to the company’s business performance.
Twitter threatens
After the announcement, Twitter confirmed that it would sue Musk until the purchase was completed.
Company shares decline
As soon as the news was announced, Twitter shares fell by 6% in post-closing trading.
It is reported that Musk had threatened to stop the deal unless the company provided evidence that the fake accounts were less than 5% of users who see ads on the social media service.
