Tesla Chief Executive Officer Elon Musk said on Friday he was terminating his $44 billion deal for Twitter Inc, citing material breach of multiple provisions of the agreement.

Shares of Twitter fell 6 per cent in extended trading.

The announcement brings to an end a will-he-won’t-he saga after the world’s richest person clinched a deal for Twitter in April but then put the buyout on hold until the social media company proved that spam bots accounted for less than 5 per cent of its total users. —Reuters

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