PUBLISHED 9:46 AM ET Jun. 06, 2022Billionaire Tesla CEO Elon Musk is threatening to pull out of his $44 billion agreement to purchase social media platform Twitter, accusing the company of refusing to give him information about its spam bot accounts, according to aBillionaire Tesla CEO Elon Musk is threatening to pull out of his $44 billion agreement to purchase social media platform Twitter
The letter says Musk has repeatedly asked for the information since May 9, about a month after his offer to buy the company, so he could evaluate how many of the company’s 229 million accounts are fake. "At this point, Mr. Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement, which is causing further suspicion that the company is withholding the requested data due to concern for what Mr. Musk’s own analysis of that data will uncover," the letter continues.
"We believe this agreement is in the best interest of all shareholders," the company continued. "We intend to close the transaction and enforce the merger agreement at the agreed price and terms.” The bot problem also reflects a longtime fixation for Musk, one of Twitter’s most active celebrity users, whose name and likeness are often mimicked by fake accounts promoting cryptocurrency scams. Musk appears to think such bots are also a problem for most other Twitter users, as well as advertisers who take out ads on the platform based on how many real people they expect to reach.
The letter points to a spat over a June 1 letter from Twitter in which the company said its information obligations are limited to facilitating the closing of the sale. It says Twitter is obligated to provide data for any reasonable business purpose needed to complete the deal.
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Elon Musk threatens to call off $44B Twitter acquisitionDETROIT (AP) — Elon Musk is threatening to walk away from his $44 billion bid to buy Twitter, accusing the company of refusing to give him information about its spam bot accounts. Lawyers for the Tesla and SpaceX CEO made the threat in a letter to Twitter dated Monday. That letter was included in a filing from Twitter with the Securities and Exchange Commission.
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