Elon Musk Terminates <br />$44 Billion Twitter Deal, , Shares Drop in Premarket Trading.<br />CNBC reports that on July 8, Musk's attorney told Twitter's board that the SpaceX and Tesla CEO wants to cancel the deal to buy the social media platform.<br />During premarket trading on July 11, Twitter shares were down 5% indicating about a $1.4 billion loss in market value from the closing price on July 8.<br />CNBC reports that Musk maintains Twitter isn't being honest about how many bots and fake accounts exist on the platform.<br />Twitter claims to have supplied Musk with accurate and honest information to confirm that spam accounts only make up about 5% of users.<br />Bret Taylor, Twitter's board chair, said legal action will be taken in the Delaware Court of Chancery.<br />On July 11, Musk took to Twitter to post a meme making fun of the whole ordeal. .<br />As of July 8, Twitter shares were down 32% from Musk's agreed deal price.<br />Many skeptics say that the bot issue isn't really why <br />Musk wants out of the deal, but rather he simply doesn't <br />want to pay the $54.20 per share he'd agreed to. .<br />CNBC reports that following a likely protracted court battle, Musk could be fined $1 billion for walking away from the deal.
