Elon Musk, CEO of Tesla, has announced the termination of the agreement to purchase the social network Twitter for $44 billion due to the violation of the terms of the agreement by the company, Reuters reports.
According to the publication, he has made the decision because the company has allegedly concealed data on fake accounts and overestimated the platform's audience indicators.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
Twitter CEO Bret Taylor has said he is ready to go to court to "close the transaction on the price and terms agreed upon with Mr. Musk."
Twitter shares have fallen 28% since Musk announced his purchase of the social network in late April. The deal was expected to close by the end of the year.
Musk intended to create "an inclusive arena for free speech." The decision was supported by Twitter founder Jack Dorsey, Coinbase CEO Brian Armstrong and Ethereum co-founder Vitalik Buterin.