Twitter Shares Tumble After Musk Ends Deal
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Elon Musk announced that he was terminating the deal with Twitter.
The deal fell apart over the debate about how many bots were on the platform.
Tesla CEO Elon Musk had terminated his agreement to purchase Twitter.
Musk announced late on Friday that his advisers on Friday sent a letter to Twitter formally notifying the social company that he is terminating the merger agreement, Bloomberg News reports.
“For nearly two months, Mr. Musk has sought the data and information necessary to make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform,” Musk’s team writes. “Twitter has failed or refused to provide this information.”
Twitter stock has tumbled.
Twitter shares fell roughly 6% in premarket trading Monday following news that billionaire Elon Musk planned to walk away from his deal to purchase the company for $44 billion.
Musk’s attorney informed Twitter last week that the Tesla CEO was terminating the deal to purchase the social media giant. Musk alleges that Twitter appears to have “made false and misleading representations” regarding the platform, particularly how it handles spam accounts.
“For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform,'” Musk’s lawyer wrote Friday.
Big Tech is losing!
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