Elon Musk cancels Twitter purchase, and the latter intends to sue him

Twitter has announced that it intends to take legal action to enforce the contract.

American billionaire Elon Musk announced the cancellation of the $44 billion purchase contract for Twitter, alleging that the other party had breached the merger contract.

Months following the deal that turned the worldElon Musk confirmed that the social media company failed to provide information regarding fake accounts on its platform.

In a notification to regulators, his 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, according to Al Hurra.

And Twitter announced that it intends to take legal measures in order to enforce the contract.

On the micro-blogging platform, Brett Taylor, chairman of the board, said the board intends to pursue legal action to enforce the merger agreement, writing: “The Twitter board is committed to closing the deal at the price and terms agreed with Mr. Musk.”

Musk faces a penalty clause for rescinding the contract, which entails the payment of one billion dollars, and a possible lawsuit over the withdrawal.

He had said in May that the deal was “temporarily on hold” because he was waiting for data on the number of fake and intrusive Twitter accounts.

Musk asked the company to provide evidence that these accounts make up less than 5 percent of all users.