Musk drops $44Bn Twitter deal

Elon Musk has finally revealed that he won't be acquiring Twitter. The spam accounts have turned out to be the deal breaker in the proposal. Now, Twitter has said it would take Musk to court.

The Tesla Chief said he was pulling out of the deal as he accused Twitter of breaching multiple provisions of the merger agreement. In a filing he said that the social media giant had failed to offer transparent information on the spam accounts on the microblogging site.

Twitter's Chairman Bret Taylo has said that the board will pursue legal action to carry out the merger agreement. He said, “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.”

Musk has also been accused of pushing down Twitter’s stock prices, which have been dwindling ever since the acquisition plan was announced earlier this year. Last month, Musk warned Twitter that he might walk away from the deal if it fails to provide the data on spam and fake accounts that he seeks.