Elon Musk is ending his $44 billion bid to buy Twitter, alleging that the social media company hasn’t met its contractual obligations, according to a statement filed with the U.S. Securities & Exchange Commission.
Musk said that he is backing out of the deal to acquire Twitter as the company has failed to provide sufficient information on the number of spam and fake accounts.
In his letter to the SEC, Musk also alleged that Twitter’s decision to fire two top executives breached the merger agreement, as did certain employee layoffs and hiring freezes.
Reportedly, Musk had agreed to pay Twitter $1 billion were he to walk away, but there were exceptions for “material adverse effects,” which Musk is claiming may have occurred. As such, he’s effectively arguing that he owes Twitter nothing.