Elon Musk is officially trying to pull out of his $44 billion agreement to purchase Twitter. In a filing Friday afternoon, Musk’s team claimed that he was backing out of the deal because Twitter was in “material breach” of their agreement and had made “false and misleading” statements during negotiations.
“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.”
Musk has been setting the stage to abandon the deal beginning just weeks after he signed the agreement, claiming that Twitter released misleading stats about the prevalence of spam bots on its platform. It’s entirely unclear, however, that Musk can legally abandon his agreement simply because he isn’t happy about the presence of spam on Twitter — something he could have investigated prior to signing the deal.
Twitter has gone to great lengths to show compliance with Musk’s requests. In early June, the company opened up “firehose” access to its service so that Musk could receive and analyze every tweet as it’s posted.
This is a developing story