Twitter shares dropped on Monday, July 11, after Elon Musk announced he was withdrawing his $44 billion (£36 billion) deal to buy the social media company. Musk backed out after Twitter had not provided enough information about the number of spam and fake accounts that were present on the network. The businessman had requested evidence to support the company’s claim that less than 5 percent of its users are spam and bot accounts. Tesla CEO Elon Musk originally suggested plans to buy Twitter in April. The agreement was, however, canceled a month later because of concerns about the rise in the number of fake accounts on the website. Twitter has long fought against “bots,” or automated accounts, that post false or harmful content. When the original contract was signed, Musk claimed he wanted to improve the website by “defeating the spam bots, and authenticating all humans.” Musk has also argued in favor of greater system independence, which would allow select tweets to be spread and pushed to larger audiences on the website.