Elon Musk pulls out of $44 billion Twitter deal, social network plans to pursue legal action

Tesla CEO Mr. Elon Musk announced his plans to buy social networking site Twitter in April for $44 billion but later put the acquisition on hold as he awaited more data about the spam bots on Twitter. While Musk said the deal was not out of question and could happen at a lower price, the world’s richest person is now terminating the deal.

Musk’s team, in a filing with USA’s Securities and Exchange Commission, cites “material breach of multiple provisions” of the agreement and “false and misleading representations” by Twitter as the reasons for the deal’s termination. The social network is…