Elon Musk Fires New Salvo At Twitter, Threatening To Pull Deal Over Company’s “Refusal To Comply” With Bot RequestJune 6, 2022
In his latest attack on Twitter, delivered via a letter from his lawyer, Elon Musk accused the company of “refusing to comply” with his requests about bots and other issues, and threatened to pull his $44 billion takeover offer.
Twitter agreed to accept Musk’s unsolicited bid in April. The weeks since the agreement have seen a steady stream of complaints from Musk, often via his Twitter account. He had most recently been focused on the social network’s number of fake accounts, or “bots” and had asked the company to provide data about the issue.
Musk’s attorney, Mike Ringler, signaled his dissatisfaction with Twitter in a letter to Chief Legal Officer Vijaya Gadde. Ringler’s main point was that Musk is entitled to the information he requested because of the financing arrangements he has put in place to complete the transaction.
“Mr. Musk is not required to explain his rationale for requesting the data, nor submit to the new conditions the company has attempted to impose on his contractual right to the requested data,” Ringler wrote. “At this point, Mr. Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement.”
“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,” he said.
Despite a positive start to the week for the broader stock market, Twitter shares slumped 4% at the start of the trading day. They have lost one-third of their value since the deal was announced.
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