Elon Musk sent Twitter and the SEC a letter earlier today (June 6th, 2022) threatening to terminate his $44 billion agreement to buy the company based on Twitter’s refusal to provide information about the company’s massive spam/bot problem. According to the billionaire, Twitter has stonewalled his requests for information since May 9th and if they don’t provide the information he will not consummate the anticipated transaction. Musk has repeatedly questioned the accuracy of Twitter’s SEC filings that claim that less than 5% of its user base are spam accounts – he estimates more than 20% may be suspect.
In the scathing letter, Musk reveals that Parag Agrawal has ‘resisted and thwarted’ his team’s efforts to understand the company’s fake account problem. Musk’s lawyers call Parag’s actions a “clear material breach” giving the billionaire the right to terminate the deal without penalty – i.e. he wouldn’t be required to pay the billion-dollar breakup fee.
Accordingly, Musk’s lawyer, Mike Ringler, explains in the letter, “Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement.”
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