Elon Musk is threatening to end his $44 billion agreement to buy Twitter, accusing the company of refusing to give him info about its spam bot accounts.
DETROIT — Elon Musk is threatening to walk away from his $44 billion bid to buy Twitter, accusing the company of refusing to give him information about its spam bot accounts.
The lawyers say in the letter that Twitter has offered only to provide details about the company's testing methods. But they contend that's"tantamount to refusing Mr. Musk's data requests." Musk wants data so he can do his own verification of what he says are Twitter's lax methodologies. Twitter CEO Parag Agrawal has said the company has consistently estimated that fewer than 5% of Twitter accounts are fake. Twitter has disclosed its bot estimates to the U.S. Securities and Exchange Commission for years, while also cautioning that its estimate might be too low.
The Twitter sale agreement allows Musk to get out of the deal if there is a"material adverse effect" caused by the company. It defines that as a change that negatively affects Twitter's business or financial conditions. The letter contends that Musk is not required to explain his rationale for requesting data or submit to"new conditions the company has attempted to impose on his contractual right to the requested data."
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