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Elon Musk wants to terminate $44B Twitter buyout deal

FILE - Elon Musk speaks at the SATELLITE Conference and Exhibition March 9, 2020, in Washington. Elon Musk is threatening to end his $44 billion agreement to buy Twitter, accusing the company of refusing to give him information about its spam bot accounts. Lawyers for the Tesla and SpaceX CEO made the threat in a letter to Twitter dated Monday, June 6, 2022 that the social platform included in a filing with the Securities and Exchange Commission. (AP Photo/Susan Walsh, File)
by: WRTV Staff
Posted: / Updated:

Elon Musk might not be acquiring Twitter after all.

In a letter filed with the Securities and Exchange Commission on Friday, the billionaire’s lawyers said Musk wanted to pull out of the deal because the social media company was in “material breach” of their agreement.

He also cited they made “false and misleading” statements during negotiations.

Musk’s lawyers said for nearly two months he has tried to obtain information about fake accounts on the platform, which he noted Twitter never provided.

“Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information,” the filing said.

According to the New York Times, Twitter’s stock fell 4% in extended trading.

The $44 billion deal was first agreed to in April, the Washington Post reported.

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