US billionaire businessman Elon Musk has threatened to withdraw his bid of billions of dollars for the purchase of Twitter. He made the threat in a letter sent through his lawyers. There has been a lot of debate between Elon Musk and Twitter’s management over the past few weeks since Elon Musk announced his intention to buy Twitter in April.
The text of the letter
In a letter to the Securities and Exchange Commission, the US stock market watchdog, Elon Musk said he had repeatedly asked Twitter management for details about the number of fake accounts and automated answering machines on its platform. He has not yet received a satisfactory answer.
According to Elon Musk’s team of legal experts, Twitter has offered to provide details about the company’s own method of estimating the number of fake accounts.
According to Musk’s lawyers, “Twitter’s offer is tantamount to a denial in response to Elon Musk’s request to provide statistics.” Violation. Elon Musk’s legal team added that his clients reserve the right to “not pay the amount agreed upon and to cancel the contract.”
There was no immediate reaction from Twitter. However, Twitter had earlier said in a statement that Elon Musk had not shown any interest in the fake accounts when it announced its intention to acquire Twitter. “Musk did not ask for any classified information from Twitter,” according to a statement from the investor’s Twitter account.
This is the first time Elon Musk has publicly threatened to withdraw his decision to buy Twitter.
Why does Elon Musk need data?
The American billionaire says he wants to estimate the number of fake Twitter accounts. On the other hand, Twitter management has consistently stated that less than 5% of its 229 million users have fake or automated responsive accounts.
Elon Musk has questioned the accuracy of the figures, claiming that the number of fake Twitter accounts could be as high as 20%. The issue of fake Twitter accounts has long been of interest to Elon Musk. He has the status of a celebrity on Twitter and also uses Elon Musk’s name and photos for many automated account fraudulent currency frauds.
What will happen if Musk withdraws from the agreement?
Elon Musk said last week that he was unilaterally postponing his deal with Twitter. In response, Twitter may seek legal help from the courts to force Musk to abide by the agreement or withdraw from it. If Elon Musk unilaterally withdraws from the deal, he will have to pay 1 billion in damages.
Musk’s threat to withdraw from Twitter came shortly after he said he intended to cut the payroll of his electric car maker Tesla by 10 percent. Tesla’s share price jumped from 100 100 to 1000 1,000 during the global epidemic of Cod 19, and that huge increase made Elon Musk the richest man in the world.
Self-proclaimed “free speech advocates” on Twitter are known for blocking and humiliating Musk’s critics. He also opposes the ban imposed by Twitter on former US President Donald Trump. Twitter banned Trump from using the social media platform permanently for allegedly making provocative tweets following the January 2021 attack on the US House of Representatives.