Elon Musk has formally ended his $44 billion bid to buy Twitter.
In a recent SEC filing, Twitter shared a letter it got from the legal team of Elon Musk indicating displeasure with Twitter’s offered information regarding the level of “spam and fake accounts” on its platform.
In a letter to the Chief Legal Officer of Twitter, Vijaya Gadde, Elon Musk’s lawyers wrote: “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 reiterated his claims that Twitter is likely misleading users and investors about the number of automated accounts on its platform, which the company has long revealed to be below 5 percent.
Check out the full letter from Musk’s lawyer to Twitter below.
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