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Popular billionaire Elon Musk has warned of a possible fallout of his $44-billion takeover deal of social media giant Twitter, citing the failure to meet his demands regarding spam and fake accounts.
Source: Financial Times
TWTR is down 3.75%, while FB is up 1.54%.
Musk’s lawyers told Twitter that it failed to provide additional details on its protocols regarding bots and other fake accounts, reflecting a “clear material breach” of his takeover agreement.
A letter sent by the legal team indicated that Musk believes Twitter is “actively resisting” his information rights as provided for by the merger agreement, and he reserves his right not to consummate the transaction.
The letter was sent by lawyers from Skadden Arps, Slate, Meagher, and Flom, noting that Musk has surmised that Twitter has refused to give the information he has requested repeatedly since May 9.
Officials of Twitter have yet to comment on the matter.
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