Economy. Elon Musk ends Twitter takeover deal

Elon Musk, SpaceX's boss, announced on Twitter Friday that he would end the deal with the board to purchase the social network due to "false information" about the company.

Economy. Elon Musk ends Twitter takeover deal

Elon Musk, SpaceX's boss, announced on Twitter Friday that he would end the deal with the board to purchase the social network due to "false information" about the company. .

His lawyers assured that Twitter had not fulfilled its obligations under the agreement in a letter published American stock market policeman. They also failed to provide all information required about spam and fake accounts.

Twitter repeatedly stated in recent weeks that there are fewer than 5% fake accounts on its platform. Multi-billionaire, along with his team, believe that the network lies, which affects his business and thus the value of his company.

Experts have been wondering for weeks if Elon Musk wanted to withdraw his offer or negotiate a lower price. The businessman is now open to legal action after he ends his commitment to purchase Twitter. In certain situations, both parties have agreed to pay severance payments of up to $1 million.

He seemed to have won the bet on April 25, despite Twitter's efforts to keep him away. He reached a binding agreement with the board of directors to purchase the social network for 54.20 USD per share or 44 billion dollars. The value of Twitter's title has dropped more than 25% since then. Tesla stock plunged 25% during that period.

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