Billionaire Elon Musk announced that he is withdrawing from the deal to buy the social network Twitter. The deal was valued at $44 billion.
The entrepreneur declared significant violations of several provisions of the agreement. Lawyers for the businessman pointed out that Twitter refused to respond to numerous inquiries about fake or spam accounts on the social network, which is "of fundamental importance to the efficiency of the business".
The lawyers allege that Twitter is in breach of the terms of the agreement and made false and misleading statements that Musk relied on in the deal.
Twitter shares fell 6% on news of Musk's withdrawal from the deal, which was announced in April of this year.
The company plans to take Musk to court to enforce the deal.
The company's chairman, Bret Taylor, responded by saying that the company plans to sue to enforce the merger agreement.
“Twitter's board of directors intends to close the price and terms agreement that was agreed to with Mr. Musk and plans to file a lawsuit to enforce the merger agreement. We are confident we will prevail in court in Delaware,” Taylor tweeted.
