Billionaire Elon Musk wants to end his $44 billion deal to buy Twitter according to a letter sent by a lawyer on his behalf to the company’s chief legal officer Friday.
Twitter shares were down about 7% after several hours on Friday.
In the letter, disclosed in a Securities and Exchange Commission filing, Skadden Arps attorney Mike Ringler charged that “Twitter has not complied with its contractual obligations.”
Ringler claimed that Twitter did not provide Musk with relevant business information he requested, as Ringler said the contract would require. Musk has previously said he wanted to assess Twitter’s claims that about 5% of its monetizable daily active users (mDAUs) are spam accounts.