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Elon Musk threatens to cancel the Twitter deal

Billionaire Elon Musk warned that he could drop the $44 billion deal if Twitter does not provide data on spam and fake accounts.

“Mr Musk believes that Twitter is refusing to comply with its obligations under the merger agreement, raising further suspicions that the company is keeping the requested data private out of concern that Mr. Musk will find something out by analyzing it. . He believes the company is actively obstructing the right to access information,” the letter sent by the US billionaire’s lawyer to Twitter today reads.

In the letter, the lawyer accused Twitter of violating contract provisions and said Elon Musk reserves the right to terminate the agreement.

Earlier, on May 13, Musk announced the postponement of the deal to “wait for details to confirm statistically that fake accounts account for less than 5% of users on the platform”, but added that he “remains determined”. with this deal”.

US billionaire Elon Musk at an event in 2018. Photo: Reuters

Elon Musk at an event in 2018. Photo: Reuters

At the All-In Summit conference in Miami last month, Musk also said buying Twitter for less than $44 billion was “not ruled out” when asked about the possibility of renegotiating the terms of the deal. .

Analysts say Musk may seek to pull out of the deal or offer a lower price, especially as the stocks involved have fallen sharply since the deal was announced. Twitter shares reached 37.95 USD before trading time on 6/6, lower than the 54.2 USD/share that Musk offered when the deal to buy this company.

However, renegotiation is not an easy thing. In addition to a $1 billion penalty for breaking the contract, the agreement also contains a provision that allows Twitter to sue and force Musk to complete the contract as long as his loan to buy the company is still in effect.

The American billionaire also caused many difficulties for Twitter. Twitter’s legal department complained that he violated the confidentiality agreement and posted negative posts about the deal.

Twitter and Musk announced that they had reached a deal on April 25, but did not give a specific deadline and only said the transaction is expected to be completed this year. Twitter Chairman Bret Taylor on May 13 confirmed that they are still “determined to do our deal”.

Diep Anh (Follow Reuters)

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