Reportedly, billionaire entrepreneur Elon Musk has put a hard stop on his recently proposed deal to try and purchase the social media titan Twitter.
As stated in a recent letter sent over by the legal teams for Musk, addressed to Chief Legal Officer Vijaya Gadde for Twitter, the billionaire was not seeking to call off the purchase due to the platforms officials not being able to provide him with the required and accurate information that he requested about the total percentage of fake “bot” accounts currently live on the platform.
“As further described below, Mr. Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement, and is likely to suffer a Company Material Adverse Effect (as that term is defined in the Merger Agreement),” explained the letter.
“Mr. Musk and his financial advisors at Morgan Stanley have been requesting critical information from Twitter as far back as May 9, 2022—and repeatedly since then—on the relationship between Twitter’s disclosed mDAU figures and the prevalence of false or spam accounts on the platform,” the letter went on.
Musk stated on quite a few different occasions that he would reconsider the first $44 billion offer if the social media titan was unable or just unwilling to verify an accurate percentage of fake “bot” accounts.
“Notwithstanding these repeated requests over the past two months, Twitter has still failed to provide much of the data and information responsive to Mr. Musk’s repeated requests,” continued the letter.
As explained by a report sent out by CNBC, the first agreement from Musk stated that he would still be willing to pay $1 billion in the event that he chose to refuse to make good on the deal, but is possible, however, that Twitter could still try and fight his plan to take the deal off the table and walk away and try and force Musk to go through with the purchasing of the platform. This seems to be a complete one-eighty on their original stance of being entirely against the plan. The idea that the social media titan would now be trying to force Musk to buy after spending so much of the past few months attempting to stop Musk from going further with his attempts leaves many with more questions than answers.