Elon Musk cancels merger agreement to purchase Twitter

Billionaire Elon Musk, the CEO of Tesla, wants to terminate his $44 billion agreement to buy Twitter.

Bloomberg News reports that Musk made the termination of the merger agreement official late on Friday after his advisors formally notified Twitter in a letter sent to the social media company on Friday.

According to Musk’s staff, “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, Twitter has failed or refused to provide this information.”

Earlier on Friday, it was stated that Musk’s $44 billion offer to buy Twitter was “seriously jeopardized.”

According to a recent report, Musk is considering his options after his team claimed Twitter withheld too much information regarding bot and spam accounts on the service.

According to the Washington Post, “Musk’s deal to buy Twitter is in serious jeopardy,” since Musk’s team has ceased talking to potential investors about the money because they think the spam statistics given by the firm can’t be independently verified.

Musk’s team is looking for information on Twitter’s actual daily active user count, but it seems that the social media site is not giving them enough of a breakdown.

Per the report, Musk’s team is prepared to take “potentially drastic action.”

In light of the prospective Musk takeover, Twitter said on Thursday that it had reduced its talent acquisition staff by about 30%.

The board of Twitter “unanimously recommended” last month that shareholders support Musk’s $44 billion purchase of the social media giant.

The board of directors unanimously advised the company’s shareholders to accept Musk’s offer.