Elon Musk terminates $44 bln Twitter deal

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% 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% of its total users.