Tesla Inc. founder and billionaire Elon Musk announced that he is canceling his $44 billion contract with Twitter since the social media network failed to give information about phony accounts on the platform.
According to Reuters, Musk made this statement on Friday.
This comes after Twitter last month gave Musk access to its "firehose," a database of unprocessed information on hundreds of millions of daily messages.
Musk's attorneys said in a document that Twitter has ignored or refused to reply to several requests for information on phony or spam accounts on the site, which is essential to the operation of the company.
The billionaire had in April made a $43 billion offer to purchase Twitter in an effort to privatize the microblogging service.
He later agreed to acquire the platform for $44 billion.
But after several internal turmoils that trailed billionaire's planned buyout of the company, Musk decided to soft-pedal on his acquisition bid, citing reasons of fake accounts on the platform.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 percent of users,” Musk had tweeted.
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