Jul 8, 2022
Elon Musk ends $44bn bid to buy Twitter
Elon Musk is ending his $44bn bid to buy Twitter, alleging multiple breaches of the merger agreement. Mr Musk said he had backed out because Twitter failed to provide sufficient information on the number of spam and fake accounts. In May, Musk said the deal was "Temporarily on hold" as he was awaiting data on the number of fake and spam accounts on Twitter. In a letter, Mr Musk's lawyer said Twitter had failed or refused to provide this information. Shares in Twitter fell by 7% in extended trading after Mr Musk's announcement.
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