Tesla CEO and billionaire, Elon Musk has withdrawn from a deal to acquire Twitter, the social networking giant.
The Tesla CEO would no longer be paying $44 billion to close the purchase, Mr. Musk’s attorneys notified the U.S. Securities Exchange Commission (SEC).
In the SEC papers, Mr. Musk’s attorneys claimed that Twitter was “in material breach of several clauses” of the deal that was inked months earlier.
Three months after Mr. Musk declared his ambition to purchase Twitter, there has been a breakdown. Following early disagreements, the company’s shareholders decided to sell the platform.
The breakdown occurs three months after Elon Musk declared his plan to purchase Twitter. The company’s shareholders had earlier decided to sell the platform, after some disagreement at first.
For weeks, Mr. Musk had asserted false claims in the number of users reported by Twitter, claiming the accounting method was defective and unclear. Twitter vehemently refuted the allegations, claiming that the number of users that were discovered to be bots was a manageable portion of its user base.
Following the statement on Friday night, a Twitter spokesperson did not immediately respond.