Elon Musk Says Twitter Is “Actively Resisting” Requests for Information – Threatens to Terminate Deal

Afterclearing U.S. antitrust review days ago, Elon Musk’s $44 billion Twitter acquisition has run into another roadblock.

Twitter had adopted a “poison pill” back in mid-April in an unsuccessful attempt to stop Musk from making a bid for the company, and now Musk is accusing the platform of “resisting and thwarting” his right to information on how many fake accounts there are on the platform (a figure which could significantly alter how the company should be valued).

According to CNBC:

Elon Musk accused Twitter of “resisting and thwarting” his right to information about fake accounts on the platform, calling it in a letter to the company on Monday a “clear material breach” of the terms of their merger agreement.

“Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement,” the letter, signed by Skadden Arps attorney Mike Ringler, says.

Musk waived due diligence when he moved to buy the company, seemingly to hasten the acceptance of his bid.

Last month Musk suggested that Twitter was including bad information in their financial filings, and said his buyout price was contingent on that information being accurate. Specifically, he said Twitter CEO Parag Agrawal couldn’t (or wouldn’t) show him proof that fewer than 5% of accounts on the site are bots.

Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros

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