American billionaire and Tesla Chief Executive Officer (CEO), ElonElon Musk, has terminated his $44 billionaire acquisition bid for the microblogging platform, Twitter.
The billionaire cited material breach of multiple provisions of the agreement.
READ ALSO: Elon Musk strikes deal to buy Twitter for $44bn
In a letter sent to Twitter Chief Legal Officer Vijaya Gadde by Musk’s lawyer on Friday, it stated that the company misled the billionaire upon entering into the merger agreement.
The letter reads in part, “Mr. Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect.”
Musk points to his repeated claims that Twitter is likely misleading investors and users about the number of automated accounts on its platform, which the company has long estimated to be under five (5) percent.
