Elon Musk threatens withdrawal of Twitter deal if fake account data not provided

Elon Musk warned on Monday that if Twitter fails to provide data on spam and fake accounts, he may withdraw his $44 billion offer to buy the social media platform.

The billionaire reiterated his request for information on bot accounts in a letter to Twitter, claiming that the company was in “clear material breach” of its obligations by failing to provide him with the information.

Twitter shares were trading at a significant discount to Mr Musk’s offer price of $54.20 per share, indicating that investors did not expect the transaction to close at the agreed-upon price.

Mr Musk has threatened to walk away from the deal in writing for the first time, rather than on Twitter’s social media platform, according to reports.

“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,” the letter says.

Mr Musk said earlier this month that he would put the deal “temporarily on hold” while waiting for data on the proportion of fake accounts on the social media platform.

In his letter, Mr Musk stated that he needed the data to conduct his own analysis of Twitter users and did not trust the company’s “lax testing methodologies.”

Mr Musk, a self-proclaimed “free-speech absolutist” who owns 9.6 percent of Twitter and is the company’s second-largest shareholder, has stated that one of his top priorities will be to remove “spam bots” from the platform.

Tesla’s CEO has also secured financing for the transaction and has attracted top shareholders such as Saudi Arabian investor Prince Alwaleed bin Talal and Sequoia Capital.https://www.tvcnews.tv/2022/06/uk-to-send-long-range-missiles-to-ukraine-as-war-escalates/