Musk believes Twitter is “actively resisting” and “thwarting his information rights” by refusing to disclose the information, according to an amended securities filing on Monday. Last month, Musk said he wouldn’t proceed with his $44 billion takeover of Twitter unless the social media giant can prove bots make up fewer than 5% of its users, as the company has stated in public filings. Musk has estimated that fake accounts make upof all users.
Musk believes the company’s resistance to provide more information 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.”of the merger, saying the transaction is in the best interest of all shareholders.
The demands about bots have led to suspicion among analysts that he is using it as a negotiating tactic to lower the price as tech stocks have declined in recent weeks, or to walk away from the deal altogether. Musk’s lawyer, Mike Ringler of Skadden, Arps, Slate, Meagher & Flom, said Twitter must cooperate by providing the data requested so that Musk can secure the debt financing necessary to consummate the deal.to back the deal, and he has said he’s talking with other current Twitter shareholders, including co-founder Jack Dorsey, to roll their shares over into the private company.
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