According to Reuters, Elon Musk no longer aims to acquire Twitter for $44 billion. The transaction is off due of “material breaches of many sections of the agreement,” said Musk on Twitter this evening.
Late in the month of April, Elon Musk made a bid to purchase Twitter for $54.20 per share. As a result of a problem with spam or false accounts, the agreement has remained in limbo ever since.
Twitter’s allegation that fewer than 5% of its users are fraudulent or spam accounts did not sit well with Tesla CEO Elon Musk, so he put his Twitter takeover “temporarily on hold.” As of that time, Musk had said that, although he was “still dedicated to the purchase,” his focus will be on Twitter’s spam account data.
When asked for details on the company’s business, Tesla CEO Elon Musk said that Twitter had not fulfilled its contractual commitments.
Twitter chairman Bret Taylor says the board is “committed to complete the deal” and would take legal measures to enforce the agreement, according to a recent update from him.
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