Twitter Stock Falls As Musk Threatens To Bust Acquisition Plans

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Elon Musk threatened Monday to terminate his $44 billion plan to buy Twitter (TWTR), accusing management of failing to comply with his request for data the number of users and fake accounts on the social media platform. Twitter stock dropped.

In a letter accessed by the Wall Street Journal, Musk said Twitter has refused to provide data he seeks, which includes fake accounts, bots and spam.

Twitter stock fell 4.8% to 38.45 during morning trading on the stock market today.

The letter, from one of Musk’s lawyers, said the failure of Twitter to hand over the data was a “clear material breach” of the terms of their agreement. Musk reserves the right not to complete the deal, the Journal said.

More to follow.

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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