Elon Musk says he is terminating Twitter deal

Billionaire entrepreneur Elon Musk has said he is terminating a $44 billion deal to buy Twitter, saying the social media company did not provide information about fake or spam accounts on the platform.

Twitter’s chairman said the board planned to pursue legal action to enforce the deal.

Employees have expressed widespread concern about Musk taking over Twitter because of his preferences for cutting headcount and other costs, decreasing content moderation and limiting remote work, Reuters reported.

But Musk’s now-reneged offer also marks a 36% premium for the company’s shares and could mean a big payday for employees and other shareholders.

After months of constant headlines, a Twitter employee told Reuters on Friday that they felt only more weary about the road ahead.

“I just don’t believe it’s actually over,” the employee said on condition of anonymity.

Musk’s attorney in a regulatory filing on Friday said Twitter had violated a deal provision to “preserve substantially intact the material components of its current business organization” by firing two managers, laying off a chunk of its talent acquisition team, instituting a hiring freeze, rescinding job offers.