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Elon Musk threatens to end takeover deal with Twitter over fake accounts

Tesla CEO Elon Musk is threatening to end his $44 billion takeover bid on Twitter, accusing the social media company of not complying with his demand for data on the number of fake accounts in existence on the site.

“Mr. Musk is not required to explain why he requested the data, nor to submit to the new terms that the company attempted to impose on his contractual right to the requested data,” the lawyer said. from Musk, Mike Ringler, in a letter to Twitter’s chief legal officer, Vijaya Gadde.

Vijaya Gadde, Head of Twitter (Fortune Brainstorm TECH/Flickr)

Elon Musk threatens to end takeover deal with Twitter over fake accounts

Elon Musk veils his eyes in front of a Tesla (Maja Hitij/Getty)

“At this point, Mr. Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement,” Ringler added.

Ringler went on to say that “based on Twitter’s behavior to date,” Musk “believes the company is actively resisting and frustrating his rights to information (and the company’s corresponding obligations) under the ‘merger agreement’.

“This is a clear breach of Twitter’s obligations under the merger agreement and Mr. Musk reserves all rights arising therefrom, including his right not to complete the transaction and his right to terminate the transaction. merger agreement,” Ringler said.

Last month, Musk – who succeeded in his $44 billion bid to buy the company and take it private – said his deal with Twitter “cannot move forward” until the company clarifies the number of accounts. of robots on the platform.

The SpaceX CEO added that his bid was based on “the accuracy of Twitter’s SEC filings” and that he thinks the platform could have 20% bots “or *much* more.”

Musk threatening to end his deal with Twitter comes on the heels of the billionaire saying he plans to cut ten percent of jobs at his electric car maker because he has a “super bad feeling” about the economy.

The company planning to institute a hiring freeze also caused its share price to fall 3.5% in intraday trading.

You can follow Alana Mastrangelo on Facebook and Twitter at @ARmastrangeloand on Instagram.


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