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Musk accuses Twitter of withholding data on fake accounts in letter
This claim is bogus. The only out in the merger agreement for Musk to pay Twitter $1 billion as liquidated damages
Link to tweet
https://www.washingtonpost.com/business/2022/06/06/musk-twitter-letter-bots/?utm_campaign=wp_main&utm_source=twitter&utm_medium=social
Elon Musk accused Twitter of “actively resisting” his right to information about bogus accounts on the social media platform and violating the terms of their $44 billion sale agreement, according to a letter sent Monday.
In the letter to the company drafted by his legal team, the world’s richest man reiterated concerns that caused him to pause his bid for Twitter weeks ago, claiming Twitter was breaching obligations to turn over any data he deems relevant to the deal. The Tesla CEO now believes Twitter is “transparently refusing to comply” with the terms they agreed to, “which is causing further suspicion that the company is withholding the requested data due to concern for what Mr. Musk’s own analysis of that data will uncover.”
The move adds to speculation that Musk is trying to wriggle free of the agreement, which comes with a $1 billion breakup fee, though his past tweets suggest he may try to get around that cost. Since he first voiced interest in Twitter in April, Tesla’s stock — the source of Musk’s personal fortune — has been pummeled amid a broader pullback for tech stocks. Last week, he said Tesla would cut salaried staff by 10 percent and put a freeze on hiring, telling executives in an email that he had a “super bad feeling” about where the economy was headed. (Over the weekend, though, he backtracked, saying Tesla’s total head count would increase while salaried positions would be “fairly flat.”)
“We believe this is much more than a threat,” Dan Ives, managing director at Wedbush Securities, told The Post. “He is trying to bail out of the deal.”
In the letter to the company drafted by his legal team, the world’s richest man reiterated concerns that caused him to pause his bid for Twitter weeks ago, claiming Twitter was breaching obligations to turn over any data he deems relevant to the deal. The Tesla CEO now believes Twitter is “transparently refusing to comply” with the terms they agreed to, “which is causing further suspicion that the company is withholding the requested data due to concern for what Mr. Musk’s own analysis of that data will uncover.”
The move adds to speculation that Musk is trying to wriggle free of the agreement, which comes with a $1 billion breakup fee, though his past tweets suggest he may try to get around that cost. Since he first voiced interest in Twitter in April, Tesla’s stock — the source of Musk’s personal fortune — has been pummeled amid a broader pullback for tech stocks. Last week, he said Tesla would cut salaried staff by 10 percent and put a freeze on hiring, telling executives in an email that he had a “super bad feeling” about where the economy was headed. (Over the weekend, though, he backtracked, saying Tesla’s total head count would increase while salaried positions would be “fairly flat.”)
“We believe this is much more than a threat,” Dan Ives, managing director at Wedbush Securities, told The Post. “He is trying to bail out of the deal.”
16 replies
= new reply since forum marked as read
= new reply since forum marked as read
That seems like a fact worth knowing! 
