Billionaire Tesla CEO Elon Musk announced that he has canceled his $44 billion deal to buy Twitter, adding that the social media company failed to provide information regarding fake accounts on its platform.
Twitter shares fell 6 percent in post-closing trading.
Musk’s lawyers said in a notification to regulators 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.
Chairman Brett Taylor said on the micro-blogging platform that the board intends to pursue legal action to enforce the merger agreement.
“The Twitter Board is committed to closing the deal at the price and terms agreed with Mr. Musk,” he wrote.
For his part, the head of Twitter announced that the company will take legal measures to compel billionaire Elon Musk to “implement” the deal to buy the platform.
