Elon Musk said he believes Twitter Inc. is breaching their merger agreement by not meeting his demands for information about spam and fake accounts, injecting another twist into a takeover saga marked by the billionaire’s serial outbursts. The shares ...
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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk worried about millions of Twitter bot accounts, purchase deal on holdElonMusk says Twitter isn't being truthful about how many bot accounts it has. The tech billionaire has shone a light on internet bots in recent weeks and Briefly News compiled the facts for clarity.
Read more »
Read the email Elon Musk sent to Tesla employees about returning to the office | BusinessinsiderElon Musk issued an ultimatum to Tesla's executive employees, calling for the workers to come into the office and stop 'phoning it in' or to quit. Read the email.
Read more »
Elon Musk confuses market with jumbled talk about Tesla jobsTesla’s stock fell 9.2% on Friday as news of the job cuts emerged
Read more »
Elon Musk confuses market with jumbled talk about Tesla jobsTesla’s stock fell 9.2% on Friday as news of the job cuts emerged
Read more »
Musk threatens to quit Twitter deal, shares plungeElon Musk warned he may walk away from his $44-billion deal to acquire Twitter if the social media network fails to provide data on spam and fake accounts.
Read more »
Musk says he may drop Twitter deal if fake-account data not provided - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Elon Musk may walk away from his $44 billion deal to acquire Twitter Inc if the social media network fails to provide data on spam and fake accounts, the billionaire warned in a letter to the company on Monday. ElonMusk TwitterSale
Read more »