Elon Musk cancels $ 44 billion ransom proposal Twitter

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The Financial Times reports that Musk has said Twitter was “in material breach of multiple provisions” of the sale agreement, and “appear[ed] to have made false and misleading representations,” noting how the number of spam and fake accounts on the platform were “wildly higher” than the 5 percent disclosed by Twitter during the initial takeover discussions, according to a filing by Musk.

Tesla CEO Elon Musk has announced that his $44 billion Twitter buyout deal has been terminated, citing “multiple” issues. In May, Musk put the acquisition “temporarily on hold” while he awaited information to support calculations that showed a higher than previously estimated percentage of users were made up of spam/fake accounts.

Highlights

  • Follow @TheApplePost on Twitter for the latest coverage and analysis on all things Apple. Read the day’s latest stories and stay on top of the latest Apple news, iPhone leaks and Mac rumors with the theapplepost.com app – available from the App Store.

  • Musk acquired a 9.2% stake in the platform at the beginning of April for $2.89 billion, becoming one of the biggest shareholders in Twitter, with a more significant stake in the company than the former CEO, Jack Dorsey. Two weeks later, Musk proposed a $43 billion buyout of the company, with Twitter saying at the time that it would consider the offer “carefully.”

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