7/8, 11:26 PM (Source: TeleTrader)
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Musk tells Twitter he is terminating merger

The world's richest man Elon Musk informed Twitter on Friday that he wants to terminate the deal to acquire the social media company.

Musk's lawyer said in a letter to the company that the Tesla and SpaceX founder decided to abandon the agreement "because Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect."

Earlier, media reports said Musk's team didn't believe that the figures Twitter provided on spam accounts are verifiable. Musk earlier slammed the company for failing to provide the details on spam accounts right after he requested them.

Baha Breaking News (BBN) / NP