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Elon Musk pulls out of Twitter deal; gives reason

Elon Musk, the founder of SpaceX and Tesla, has backed out of his $44 billion deal to acquire Twitter, a microblogging platform.

The billionaire investor accused Twitter of making “misleading” statements about the number of fake accounts on its platform.

In a new SEC filing on Friday, July 8, Twitter shared a letter from Elon Musk’s legal team, which expressed concern about the amount of “spam and fake accounts” on its service.

The letter from Musk’s lawyers to Twitter’s Chief Legal Officer Vijaya Gadde partly reads:

“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.”

Read The Full Letter Below


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