In a filing with the US Securities and Exchange Commission (SEC), Musk said that he wanted to terminate the deal because Twitter was in “material breach” of their agreement and had made “false and misleading” statements during negotiations.The social media company, meanwhile, has said it plans to pursue legal action to enforce the agreement.Musk’s action to bail out of the deal marks the latest twist in a long-running saga after he decided to buy Twitter in April.
Musk has claimed that Twitter has not provided him with necessary information on the prevalence of fake or spam accounts on its platform, a concern he had first raised in May. At the time, he had said that the deal was “temporarily on hold”, until he received the data from Twitter, which had asserted that spam and bot accounts make up less than 5 per cent of its total users.
