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Elon Musk pulled the plug on his deal to buy Twitter on Friday, accusing the company of “misleading” statements about the number of fake accounts, a regulatory filing showed.
Musk terminating the $44 billion deal he inked in April to buy the San Francisco company sets the stage for a court battle over a billion-dollar breakup fee and more.
“Mr. Musk hereby exercises (the) right to terminate the Merger Agreement and abandon the transaction,” his lawyers said in a letter to Twitter, a copy of which was filed with the Securities and Exchange Commission.