Elon Musk, the chief executive officer of Tesla (TSLA.O) and the world’s richest person, said on Friday he was terminating his $44 billion deal to buy Twitter (TWTR.N) because the social media company had failed to provide information about fake accounts.
Shares of Twitter were down 7% in extended trading. Musk had offered $54.20 per share in April.
Twitter’s chairman, Bret Taylor, said on the micro-blogging platform that the board planned to pursue legal action to enforce the merger agreement.
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In a filing, Musk’s lawyers said Twitter had failed or refused to respond to multiple requests for information on fake or spam accounts on the platform, which is fundamental to the company’s business performance.
“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,” the filing said.
Stella's Place 
Let the shareholder lawsuits begin.
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Really was looking forward to a housecleaning at twitter
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I don’t believe Elon ever intended to buy Twitter; but he as lifted their kilt and exposed it to everyone. It may or may not survive, but it will never be the same:
“Twitter is in a terrible position. It is facing potentially devastating lawsuits for claiming less than 5% of its users were fake or bots in its filings with the SEC. To report lies to the SEC is enough to take down any company and cause it to go bankrupt.”
https://www.thegatewaypundit.com/2022/07/huge-twitter-serious-trouble-filing-materially-inaccurate-representations-sec-like-messing-sasquatch/
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I think he was serious about the purchase. He went too far to easily slip out of the deal, and it will be more time yet in court and before the SEC to extricate himself.
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Time to bail out!
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