Musk had been hinting at his discomfort with the agreement for some time.
Tech titan Elon Musk is backing out of a $44 billion agreement to purchase social media platform Twitter.
The Tesla CEO said in a filing Friday afternoon that he believed Twitter was in material breach of multiple provisions of the April 25 sale agreement — including Musk’s request that the company share information about the number of fake and spam accounts on the social media platform.
“Twitter has not provided information that Mr. Musk has requested for nearly two months notwithstanding his repeated, detailed clarifications intended to simplify Twitter’s identification, collection, and disclosure of the most relevant information sought in Mr. Musk’s original requests,” the filing states.
Musk also charged Twitter with allegedly failing to continue to conduct its regular business — a breach of the purchase contract — noting it had fired two key, high-ranking employees while announcing it was laying off a third of its talent acquisition team.
In response, Twitter board chair Bret Taylor tweeted Friday the company intends to pursue legal action to close the transaction.
