Twitter to take legal action as Musk cancels $44B acquisition deal
Musk's attorneys stated in a complaint to the US Securities and Exchange Commission (SEC) that Twitter had failed or refused to reply to several requests for information on fraudulent or spam accounts on the network. Twitter chairman Bret Taylor went to the microblogging site to announce that the company's board of directors intends to take legal action to enforce the acquisition deal. Elon Musk announced the cancellation of his $44 billion acquisition of Twitter Inc, citing the social media company's failure to share information on false accounts on the network. Musk's attorneys stated in a filing to the US Securities and Exchange Commission (SEC) that Twitter has failed or refused to reply to several requests for information on fraudulent or spam accounts on the site, which is critical to the company's commercial success. According to the petition, "Musk is canceling the merger deal because Twitter appears to have provided false and misleading assu...