Twitter sues Elon Musk for backing out of $44 billion deal

Twitter has sued Elon Musk for violating his $44 billion deal to buy the social media platform. Musk said he was terminating the deal because Twitter violated the agreement by failing to respond to requests for information regarding fake or spam accounts. On April 26, the microblogging platform had said in a regulatory filing that Musk would buy Twitter for about $44 billion (over Rs 3,36,910 crore). However, on May 13, Musk had tweeted that the deal was on hold “pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users”. Twitter has also alleged that Musk wants to exit the deal because changes in the stock market has reduced his wealth. Shares of Tesla have fallen by over 30% since Musk announced his decision to buy Twitter in April. The social media platform has claimed that Musk’s complaint of spam and fake accounts was a pretext to get out of the agreement.