Elon Musk Threatens To Back Out Of Buying Twitter
Elon Musk has threatened to pull out of a $44 billion acquisition of Twitter, accusing Twitter of not sharing its user database with him.
In an official letter to Twitter’s head of legal Vijay Gadda, Musk said that as a buyer of the company, he has the right to independently evaluate the spam accounts of Twitter users.
This letter provides the legal details of the dispute, which has been going on for several weeks now, since Musk announced the suspension of the purchase of the company until more information is received.
Twitter insists its spam estimates are correct, but Musk believes there are far more fake accounts on Twitter than the officially claimed less than 5% of daily users.
Musk himself says that up to 20% of Twitter accounts can be fake.
“As the future owner of Twitter, Musk clearly has the right to request the information necessary to prepare the transfer of Twitter ownership and secure funding for this transaction,” Musk’s lawyer Mike Ringler writes in a formal letter to regulators.“To do this, he must have full and an accurate understanding of the core component of Twitter’s business model, its active user database.”
The dispute casts doubt on the future of the deal, which was approved by Twitter’s board of directors back in April.
