Elon Musk told Twitter that his $ 44 billion purchase is coming to an end

Elon Musk has made a huge announcement that his $ 44 billion purchase on Twitter is being plugged into the Idaho Sun Valley Conference by rubbing shoulders with other financial and technology giants.

The legal team of the founder of SpaceX accused the social media giant of failing to provide accurate data on the number of fake accounts and spam on the platform.

Musk, 51, made an offer to buy Twitter for the first time in April, after becoming the company’s largest shareholder, since then there have been repeated signs that he wanted to withdraw from the deal in April.

The world’s richest man had earlier halted the deal after his team said it wanted to do “necessary diligence” on the number of fake accounts on the platform.

On the day of the announcement, Twitter shares were down 6% in widespread trading. Musk offered $ 54.20 per share in April.

In a letter to the Securities and Exchange Commission that dropped the bomb, Skadden Arps attorney Mike Ringler said Twitter violated several provisions of the agreement.

Ringler wrote, “Twitter has not fulfilled its contractual obligations.” He also accused the company of making “false and misleading statements” in making the deal.

It was previously reported that Musk would pay $ 1 billion if he withdrew from the deal. Twitter could still try to force Musk to stick to the original deal or force a higher payout by 11 p.m.

In a brief statement on Twitter, President Bret Taylor said, “The Twitter Council is committed to closing the transaction at the price and terms agreed with Mr. Musk and intends to take legal action to enforce the merger agreement. We are confident we will prevail in Delaware Chancery Court.”

Later, Twitter CEO Parag Agrawal retweeted that message.

Musk and Agrawal will meet again at the Allen & Company Sun Valley Conference, where Agrawal, 38, has attended private meetings for the past three days.

For annual invitations only, the conference is organized by the investment bank Allen & Company. This year, the five-day conference, July 6-10, is being held on the edge of Idaho’s Sawtooth National Forest, a small town of just 1,500 people.

The conference was attended by Bill Gates, Rupert Murdoch and Warren Buffet.

A section of the letter reads: “Twitter has not complied with its contractual obligations. For nearly two months, Mr. Musk has been searching for the data and information needed to “independently assess the prevalence of fake or spam accounts on the Twitter platform.”

Musk’s legal team accuses Twitter of rejecting and rejecting requests for data on fake accounts.

Musk threatened to suspend the deal unless the company proved that spam and bot accounts were less than 5% of users who see advertising on social media.

Last month, Twitter allowed Musk to access his ‘fire-hose’, a repository of raw data for hundreds of millions of tweets a day.

The founding team of Tesla found that the number of fake side accounts was much higher than the 5% publicly disclosed, Musk said.

In June, the Twitter committee unanimously voted to approve Musk’s offer.

Musk hasn’t tweeted about his decision to throw anything away. In his latest tweet on the eve of the announcement, the South African billionaire wrote: “He’s super ready for the development of future products with our awesome Tesla team! It’s such an honor to work with them.”

Among those who reflected on the situation were Donald Trump Jr. “Elon Musk is ending his deal to buy Twitter: so basically Twitter has a lot of spam accounts – much more than they leave – and they’ve ruined it. That’s it !!! As I said weeks ago spam accounts are probably 50% and not 5% of Twitter users. ”

Musk has confirmed that he had secretly had twins with Neuralink operations director Shivon Zilis and the news comes in the coming days.