Elon Musk is ending his $44bn (£36bn) bid to buy Twitter, alleging multiple breaches of the merger agreement.
The announcement could bring to an end a long-running saga after the world’s richest person decided to buy Twitter in April.
Mr Musk said he had backed out because Twitter failed to provide sufficient information on the number of spam and fake accounts.
Twitter says it plans to pursue legal action to enforce the agreement.
Mr Musk faces a $1bn (£830m) break-up fee and possible lawsuit by opting out.
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