Elon Musk is threatening to pull out of his $44 billion USD (roughly $55 billion CAD) agreement to buy Twitter.
Through a letter, Musk’s lawyers accused Twitter of refusing to provide information pertaining to the number of spam-bot accounts on the platform.
If you recall, the saga started last month when Musk said bot accounts could represent 20 percent of the platform’s users. Twitter CEO Parag Agrawal said this figure is less than five percent but couldn’t share details showing how Twitter got to this figure publicly.
The recent letter says Musk doesn’t believe in Twitter’s “lax testing methodologies” and needs the information to run his own analysis. The letter, included in a filing to the U.S. Securities and Exchange Commission Monday, goes on to say the information requested is part of the agreement, and not providing it is “causing further suspicion,” leading way for Musk to walk away from the acquisition.
“This is a clear material breach of Twitter’s obligations under the merger agreement and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement,” the letter from Musk’s lawyers says.
Image credit: Shutterstock
Source: U.S. Securities and Exchange Commission Via: The New York Times
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