Elon Musk announced that the deal to buy social network Twitter for $44 billion was terminated because the company violated the terms of the agreement. It is reported by Reuters.

The reason for this decision was accusations of hiding data on fake accounts and exaggerating the indicators of the platform’s audience.

Twitter Chairman Bret Taylor said he was ready to go to court to “close the deal on the price and terms agreed with Musk.”

Twitter Board of Directors, Mr. undertakes to close the transaction based on the price and the agreed terms. Musk and plans to take legal action to enforce the merger deal. We are confident we will prevail in the Delaware Chancery Court.

– Bret Taylor (@btaylor) 8 July 2022

Twitter shares have dropped 28% since Musk announced his acquisition of the social network in late April. The deal was expected to be completed by the end of 2022.

Musk planned to create an “inclusive arena for free speech.” The decision was supported by Twitter founder Jack Dorsey, Coinbase CEO Brian Armstrong, and Ethereum co-founder Vitalik Buterin.

Recall that at the end of May, Twitter shareholders sued Musk and the social network itself for the “chaotic process” of the takeover of the company. The head of Tesla was accused of manipulating the market.

In June, Twitter’s board of directors unanimously recommended that shareholders approve Musk’s $44 billion purchase of the social network, but in April it was strongly opposed and even implemented a takeover protection plan.

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