Elon Musk claims Twitter is in ‘material breach’ of $44 billion deal over refusal to provide info on fake accounts
The high-profile acquisition of Twitter by Elon Musk is still in jeopardy. The businessman criticizes the social network for resisting and violating the buyer's rights to reliable information.
Twitter, under various pretexts, refuses to provide data on the actual number of fake and spam accounts.
Musk is threatening to speed up the deal over this issue. Shares of Twitter fell more than 5% in early trading on Monday after the last disclosure to about $38 a share, 30% below Musk's initial buyout offer of $54.20 a share, Variety says.
“This 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 letter from Musk's lawyers states.
Read also: Elon Musk aims to rise Twitter's revenue up to $26.4 billion in 6 years
