Elon Musk threatens to abandon $44billion Twitter deal

Tesla CEO Elon Musk has threatened to revoke his Twitter purchase deal as he accuses the social media giant of ‘resisting’ his right to information about spam and fraudulent accounts on the platform.

Musk threatened to abandon his $ 44 billion contract to acquire Twitter Inc if the social network failed to provide spam and fake accounts.

The millionaire made the warning in a letter he wrote to the company on Monday, June 6.

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Musk said Twitter had “explicitly” violated its obligations and that it had every right to terminate the merger agreement, the letter said.

This comes two months after Musk said he would suspend the deal ‘temporarily,’ while waiting for the company to provide details on the value of its fraudulent accounts.

The CEO of SpaceX also wrote on Twitter last month that it would not ‘go any further’ with its $ 44 billion purchase of the platform until the required details were provided.

In a letter to Twitter a legal official disclosed in a regulatory file on Monday, Musk’s lawyers said their failure to provide more details about bots and other fake accounts had led to a “clear violation” of Musk’s takeover agreement.

According to the book.

“Musk believes the company strongly opposes and infringes on his intellectual property rights,” Musk’s lawyers’ letter stated.

The letter, from lawyers for Skadden Arps, Slate, Meagher and Flom, said a Tesla official believed Twitter had “refused to provide the [requested] information several times since May 9”, complaining that it refused to explain how it found the fraud. accounts are “like rejecting” demands.

Based on Twitter’s behavior to date, and the company’s recent publications in particular, Mr Musk believes the company opposes and violates his intellectual property rights (and related company obligations) under a merger agreement, ”the letter said.

“This is a clear violation of Twitter’s obligations under the merger agreement and Mr Musk reserves all rights arising out of that, including his right to strike and his right to terminate the merger agreement.”