The owner of Tesla addresses a letter to the SEC warning of the lack of reliable information
Elon Musk has threatened this Monday to withdraw the offer to buy Twitter, to which he gave a value of 44,000 million dollars, if the social network does not provide reliable data on spam and false accounts, the billionaire said in a letter to the company. .
The letter said that Twitter was in “clear material breach” of its obligations in a purchase agreement and that Musk therefore reserves all rights to terminate the merger agreement. The letter, published on the website of the SEC, the regulatory body of the US stock market, already seems to be the previous step to rescind the purchase agreement.
Earlier in May, Musk said he would put the deal “temporarily on hold” as he waits for the social media company to provide data on the proportion of its fake accounts.
legal commitment
“Musk believes that Twitter is transparently refusing to meet its obligations under the merger agreement, raising further suspicion that the company is withholding requested data out of concern about what Musk’s own analysis of those data,” according to the letter.
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“Musk believes the company is actively resisting and thwarting his information rights,” the letter from Musk’s attorneys said. Companies in the process of being sold are obliged to provide truthful information about their economic situation and their assets.
Shares of Twitter fell 5.5% to $37.95 in premarket trading.