Musk was expected to provide equity financing of approximately $21 billion on his own.
In a surprising move, Musk's legal team said in a US Securities and Exchange (SEC) filing that he is terminating the deal because Twitter was in "material breach" of their agreement and had made "false and misleading" statements during negotiations.
In a filing on Friday afternoon with the US Securities and Exchange Commission (SEC), Musk's team claimed he is terminating the deal because Twitter was in "material breach" of their agreement and had made "false and misleading" statements during negotiations.
In a fresh SEC filing, Twitter shared a letter it received from Musk's legal team indicating displeasure with the company's offered information regarding the level of "spam and fake accounts" on its service, reports TechCrunch.
Tesla has nearly 1 lakh employees worldwide and Musk cites his "super bad feeling" about the economy for reducing the workforce.
Musk, at a conference in Miami, said that Twitter could have at least four times more fake accounts than what has been revealed in its filing.
It all started with a casual conversation. Who knew a few words exchanged on the platform in 2017 would end on a high note as big as buying the platform itself in 2022! That is Elon Musk for you.
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