Twitter Deal - Elon Musk's legal battle with Twitter

Elon Musk's decision to back out of his $44 billion purchase of Twitter.

Both parties are preparing for what is expected to be an acrimonious and protracted judicial battle.

Musk made the announcement in a filing to the Securities and Exchange Commission on Friday.

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Twitter has been accused of withholding important information on the frequency of spam and false accounts on its platform.

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The CEO of Tesla claims that Twitter violated the Texas Securities Act, breached a contract, and committed fraud.

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Musk's counterclaims were submitted under seal to the Delaware Chancery Court last week.

Earlier this year, Musk made an offer to purchase the company.

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Then attempted to back out of the agreement by alleging that the social media platform was considerably more heavily populated with "spam bots" and phoney accounts than Twitter had admitted

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Twitter filed a lawsuit to compel him to finish the deal. Musk's countersuit was filed in response.

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