World’s Richest Man, Elon Musk, Announces Withdrawal From Buying Twitter For $44billion

World’s Richest Man, Elon Musk, Announces Withdrawal From Buying Twitter For $44billion

The world's richest man, founder and CEO at SpaceX, Elon Musk has on Friday, 8th July, announced his withdrawal from buying twitter three months after he offered to purchase the popular online platform in a deal valued at $44billion dollars.

In a letter sent by his lawyer to twitter executives, the billionaire entrepreneur, Elon Musk stated his reasons of terminating the deal in which he said that there are high number of fake and spam accounts on the platform but Twitter has failed to give him accurate data on that.

As a result of his withdrawal from the deal, Twitter said there shares have gone down lately by 6%. Adding that their executives would sue him and force the deal through.

Also, according to a letter filed with the Securities and Exchange Commission announcing the dissolution of the offer, Elon Musk may face a fine of $1billion dollars to walk away, a penalty he is seeking to evade by accusing Twitter of a “breach of multiple provisions” of the agreement.