Musk backs out of US$44bil Twitter deal over bot accounts


Musk’s deal with Twitter had included a provision that if it fell apart, the party breaking the agreement would pay a termination fee of US$1bil (RM4.43bil), under certain circumstances. — AFP

Elon Musk is trying to end an agreement to buy Twitter Inc for US$44bil (RM194.8bil) and take it private, alleging that the company misrepresented user data and setting the stage for an arduous court brawl.

The pullout marks a dramatic turn in a half-year saga that began with Musk building up an equity stake, lining up an elaborate financing plan and then striking a deal in April. Throughout, Musk has accused the company of misleading the public about the number of automated accounts known as spam bots on its platform, culminating with a termination letter sent Friday.

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