Musk claimed in a regulatory filing Friday evening that he is ending the deal becuase Twitter (TWTR) is “in material breach of multiple provisions” of the original agreement, which was signed in April.
Musk has for weeks expressed concerns, without any apparent evidence, that there are a greater number of bots and spam accounts on the platform than Twitter has said publicly. Analysts have speculated that the concerns may be an attempt to create a pretext to get out of a deal he may now see as overpriced.
Twitter did not immediately respond to a request for comment.
This is a developing story. Check back for more …