Elon Musk, founder of the electric car company Tesla and the aerospace company SpaceX, threatened to withdraw its offer to acquire Twitter alleging that the social network fails to comply with its obligations to provide data on false accounts, according to a document revealed on Monday by the stock market authorities.
Twitter has committed “a clear material breach” of its “obligations under the merger agreement and Mr. Musk reserves his right not to consummate the transaction and his right to terminate the merger agreement,” he said in a letter to network legal officer.
The text was released on the site of the US stock market authority, the SEC.
After presenting in April a purchase offer for the social network for 44,000 million dollars after becoming more than 9% of the firm’s share capital, the richest man in the world has questioned several times the data provided by Twitter about false accounts and measures taken to limit their proliferation.
According to the company, fake accounts represent less than 5% of those registered.
“Twitter’s latest offer to simply provide additional details regarding its testing methods, (delivered details) via written documents or verbal explanations, amounts to rejecting Mr. Musk’s requests for data,” the letter reads.
Musk, according to the text, requires more information to prepare for the transition and finish launching the operation.
Twitter president Parag Agrawal said in mid-May that the figures “are based on multiple human analyzes of accounts, that are randomly selected.
Musk He responded to those explanations with an emoji in the form of excrement. “How do advertisers know what they are really paying for?” he asked in a tweet. “It’s a fundamental question for the health of Twitter,” she added.
This new episode in the mediatic Twitter purchase operation occurs after the expiration, on Friday, of the deadline for the US competition authorities to initiate an examination of the operation, which they did not do and therefore left the field open to for the transaction to take place.
At 14:25 GMT, Twitter shares fell almost 3.9% on Wall Street.
Elon Musk, founder of the electric car company Tesla and the aerospace company SpaceX, threatened to withdraw its offer to acquire Twitter alleging that the social network fails to comply with its obligations to provide data on false accounts, according to a document revealed on Monday by the stock market authorities.
Twitter has committed “a clear material breach” of its “obligations under the merger agreement and Mr. Musk reserves his right not to consummate the transaction and his right to terminate the merger agreement,” he said in a letter to network legal officer.
The text was released on the site of the US stock market authority, the SEC.
After presenting in April a purchase offer for the social network for 44,000 million dollars after becoming more than 9% of the firm’s share capital, the richest man in the world has questioned several times the data provided by Twitter about false accounts and measures taken to limit their proliferation.
According to the company, fake accounts represent less than 5% of those registered.
“Twitter’s latest offer to simply provide additional details regarding its testing methods, (delivered details) via written documents or verbal explanations, amounts to rejecting Mr. Musk’s requests for data,” the letter reads.
Musk, according to the text, requires more information to prepare for the transition and finish launching the operation.
Twitter president Parag Agrawal said in mid-May that the figures “are based on multiple human analyzes of accounts, that are randomly selected.
Musk He responded to those explanations with an emoji in the form of excrement. “How do advertisers know what they are really paying for?” he asked in a tweet. “It’s a fundamental question for the health of Twitter,” she added.
This new episode in the mediatic Twitter purchase operation occurs after the expiration, on Friday, of the deadline for the US competition authorities to initiate an examination of the operation, which they did not do and therefore left the field open to for the transaction to take place.
At 14:25 GMT, Twitter shares fell almost 3.9% on Wall Street.
;
