USA Today, along with other press outlets, reports that Elon Musk called off his deal to buy Twitter, according to a filing on Friday with the Securities and Exchange Commission. Allegedly, it’s because Twitter has not provided information about fake/spam accounts, according to a letter from his attorney. The letter stated, “Twitter has not complied with its contractual obligations.”
Musk previously said he wanted to assess Twitter’s claims that about 5% of its monetizable daily active users are spam accounts. Twitter has said it’s not possible to calculate spam accounts from solely public information.
According to CNBC, under the terms of the agreement, Musk agreed to pay $1 billion if he backs out of the deal. But, CNBC notes that Twitter could still seek to hold Musk to his original deal or get a bigger payout by suing him for walking away if they dispute that his reasoning should let him out of the contract.