SAN FRANCISCO — Elon Musk said on Friday that he planned to terminate his blockbuster $44 billion deal to buy Twitter, after publicly indicating over months that he was dissatisfied with the agreement.
In a regulatory filing, Mr. Musk said a continuing disagreement with the company over the number of spam accounts on the platform could not be resolved. He claimed that Twitter had not provided information necessary to calculate the number of spam accounts and that the company had appeared to make inaccurate statements about the number of these accounts in its own regulatory filings. Twitter has said fewer than 5 percent of the accounts on its platform are fake.
“Twitter is in material breach of multiple provisions” of the deal agreement, the filing said, and the company “appears to have made false and misleading representations upon.”
This is a developing story. Check back for updates.