In a securities filing on Monday, Musk said he believes Twitter is breaching their agreement by not meeting his demands for more information about spam and fake accounts. Last month, Musk said he wouldn’t proceed with his offer 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.”
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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