Elon Musk has dropped his $44 billion offer to purchase Twitter.
“Mr Musk is terminating the merger agreement because Twitter appears to have made false and misleading claims on which Mr Musk relied on entering into the merger agreement, and is likely to incur a Company Material Adverse Effect,” Musk’s attorneys wrote to Twitter.
On April 25, the Tesla CEO and the world’s richest man agreed to buy Twitter, with Musk agreeing to buy all of the company’s shares for $54.20 apiece.
However, things took a negative turn when there was a disagreement about the number of spammers on the network.
Musk’s lawyers have accused Twitter of concealing enough information regarding the amount of “spam” accounts on the platform.
The business claimed this week that it was suspending over 1 million spam accounts every day.