Elon Musk threatens to walk away from Twitter deal
Video above: Elon Musk says Twitter deal 鈥榯emporarily on hold鈥� in May
Elon Musk is threatening to end his $44 billion agreement to buy Twitter, accusing the company of refusing to give him information about its spam bot accounts.
Lawyers for the Tesla and SpaceX CEO made the threat in a letter to Twitter dated Monday that the social platform included in a filing with the Securities and Exchange Commission.
The letter says Musk has repeatedly asked for the information since May 9, about a month after his offer to buy the company, so he could evaluate how many of the company鈥檚 229 million accounts are fake.
A message was left early Monday seeking comment from Twitter.
The lawyers say in the letter that Twitter has offered only to provide details about the company鈥檚 testing methods. But they contend that鈥檚 "tantamount to refusing Mr. Musk鈥檚 data requests." Musk wants data so he can do his own verification of what he says are Twitter鈥檚 lax methodologies.
The lawyers say that based on Twitter鈥檚 latest correspondence, Musk believes the company is resisting and thwarting his information rights under the April 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," the letter says.