The billionaire has accused the company of a “clear material breach” of its obligations by not disclosing the number of fake accounts
Elon Musk’s struggle to take control of Twitter has moved into a new phase. The world’s richest man has threatened to pull out of the $44,000 million deal to take over the social network, as Twitter is reluctant to release data on the number of fake accounts, spam and ‘bots’ those on the platform.
A letter from Musk’s attorneys and published by the United States Securities Market Commission (SEC), explains that the billionaire is making this move given the resistance the company is offering to meet its demands. A situation that the North American considers a violation of the obligations of the owner of the business. Twitter transparently refuses to fulfill its obligations under the merger agreement, raising the suspicion that the company is withholding the requested data.
It marks the first time Musk has threatened to withdraw in writing from the deal after he “temporarily crippled” the deal in May until the company provided data on the number of fake accounts, estimated by the company at 5% of all users. However, Tesla’s co-owner estimates that figure could be at least 20% and said he does not believe in the “lax testing methodologies” the company uses to measure the number of false profiles.
It was in April when Musk launched the offer to take control of Twitter, with the elimination of “bots” and the verification of all users being prioritized by his management. He first bought 9% of the company to get on the board of directors. A few weeks later, Musk launched the company-wide control offer which is now unclear if it will be finalized.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
