Elon Musk ends bid to buy Twitter.
Elon Musk says he is ending his $44 billion bid to buy Twitter, alleging multiple violations of the merger agreement.
The announcement ends a long saga after the world’s richest man decided to buy Twitter in April.
Musk said he withdrew after Twitter failed to provide him with enough information about the number of spam and fake accounts.
He faces a $1 billion breakup fee and a possible lawsuit on his way out.
In May, Musk said the deal was “temporarily on hold” as he awaited data on the number of fake accounts and spam on Twitter.
The billionaire businessman had asked for evidence to support the company’s claim that bot accounts make up less than 5 percent of its total users.
In a letter, Musk’s lawyer said Twitter had failed or refused to provide this information.
Twitter shares fell 7 percent in extended trading after Musk’s announcement.