Elon Musk terminates $44 bln Twitter deal

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Tesla Chief Executive Officer Elon Musk said on Friday he was terminating his $44 billion deal for Twitter Inc, citing material breach of multiple provisions of the agreement.

Shares of Twitter fell 6 percent in extended trading.

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In a filing, Musk’s lawyers said Twitter had failed or refused to respond to multiple requests for information on fake or spam accounts on the platform, which is fundamental to the company’s business performance.

The announcement brings to an end a will-he-won’t-he saga after the world’s richest person clinched a deal for Twitter in April but then put the buyout on hold until the social media company proved that spam bots accounted for less than 5 percent of its total users.

Last month, Twitter allowed Musk access to its “firehose,” a repository of raw data on hundreds of millions of daily tweets.

Twitter did not immediately respond to a Reuters request for comment.

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