BREAKING: Elon Musk terminates Twitter deal

Space X and Tesla CEO Elon Musk has reportedly terminated his deal to buy Twitter. The billionaire reportedly sent a letter to terminate the deal on Friday.

The deal has been on hold since May, after Musk demanded that the social media giant prove that bots are less than five percent of users.

Musk’s offer to buy Twitter was “based on Twitter’s SEC filings being accurate,” which claimed that fewer than five percent of the accounts on the site were bots.

Musk said that he believes 20 percent of accounts on the site are bots, according to Forbes, he tweeted that the 20 percent figure could me “much higher.”

Musk tweeted on May 17 that the deal “cannot move forward” until this was proven, saying that he only offered to buy the platform based on Twitter’s SEC filings “being accurate.”

Musk said that CEO Parag Agrawal “publicly refused to show proof” after he tweeted that Twitter’s “actual internal estimates for the last four quarters were all well under 5% – based on the methodology outlined above. The error margins on our estimates give us confidence in our public statements each quarter.”

This is a breaking story and will be updated.

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