ELON Musk has terminated a $44billion agreement to purchase Twitter, alleging in a letter that the company “breached” the merger agreement.
The letter was sent on Friday, and it said that there were a lot of differences and not enough information from Twitter to close the deal.
Despite the fact that the board may pursue additional charges, this may result in Musk having to pay a breakup agreement fee of one billion dollars.
Musk allegedly asserted in a letter that he sent that Twitter is “in substantial breach of multiple provisions” of an earlier letter of understanding that the two parties had signed.
The letter also says that Twitter “seems to have given Mr. Musk false and misleading information on which he relied when he signed the Merger Agreement.”
Musk had threatened to pull out of the arrangement unless the other party provided evidence that spam and bot accounts made up less than 5 percent of the users who see advertisements on the social media service.