Elon Musk on Friday pulled the plug on his $44 billion deal to buy Twitter, accusing the social media giant of "misleading" statements about the number of fake accounts, a regulatory filing showed. Musk's effort to terminate the deal that he inked in April sets the stage for an epic court battle over a billion-dollar…
Musk’s effort to terminate the deal that he inked in April sets the stage for an epic court battle over a billion-dollar breakup fee and more. Twitter has held firm that no more than five percent of accounts are run by software instead of people, while Musk has said he believes the number to be much higher.
Musk — the world’s richest man — used a chunk of his fortune in Tesla shares to back loans to buy Twitter, but the tumult and market factors have pushed down the electric car maker’s stock price. “I am sure Musk thought he could come out of the gate strong, generate a wave of buzz and then ride it to get investors who want a piece of something that looks like it is going to be big,” said Angelo Carusone, president of nonprofit group Media Matters for America.
His comments came during an annual event at which Twitter and other social media companies typically lock in bulk ad contracts worth hundreds of millions of dollars.
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