Billionaire Elon Musk has notified Twitter that it is pulling out of a deal to buy the platform, according to a letter from his representative to the company.
As stated in the spread document, the entrepreneur is exercising his right to “terminate the merger agreement and refuse the transaction envisaged by it.” The letter is a formal notification, representatives of the businessman emphasized.
“Mr. Musk has reason to believe that the true number of fake or spam Twitter accounts is significantly higher than the social network’s reported “less than five percent,” the document says.
According to the authors of the letter, this figure is “dramatically underestimated.”
The billionaire’s dissatisfaction was also caused by the company’s personnel policy, recent layoffs and the decision to suspend hiring, representatives of the entrepreneur added.
It is also reported that the platform’s management misled Musk when concluding the deal, and later “Twitter was unable or refused to provide information.” According to the representatives of the businessman, the social network did not provide information about the process of checking spam and fake accounts, blocking them. In addition, Musk is not satisfied with the materials provided on the financial condition of the company, the letter says.
Musk previously offered $44 billion for Twitter, but demanded to verify the company’s data that the number of “fake” accounts used, among other things, to send spam, does not exceed five percent.