Tesla CEO Elon Musk announced in April that he would acquire Twitter. His decision dominated headlines for weeks, with investors and the general public speculating about his next move as the presumptive owner of the social media giant.
Since his announcement, he has fought with Twitter over the number of bot accounts on the platform, saying that it is far higher than what their SEC filings claim.
Twitter’s SEC filings indicate that bots only make up 5% or less of their user base, while Musk has echoed claims from independent organizations that up to 20% of Twitter’s users may be bots.
Today, Musk claimed that he has the right to ‘terminate’ the merger agreement brokered between him and Twitter shareholders.
He threatened to terminate the agreement if Twitter does not provide information to him about the number of bots.
The Epoch Times Reports–
“Elon Musk accused Twitter of “resisting and thwarting” his ability to obtain information about bot accounts on the social media website, saying that it’s a “breach” of the terms of their April deal.
Musk, the world’s richest person, sent a letter to the San Francisco-based firm on Monday, saying, “Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement.” Several weeks ago, the Tesla CEO accused Twitter of allowing a significant number of automated or “bot” accounts on the platform and demanded the company release that data to him.
In late April, Twitter’s board and Musk jointly announced he would purchase the social media company for $44 billion and take it private. The deal could take months to finalize, and Musk has publicly stated that it’s not entirely confirmed he will actually buy Twitter.”
After the letter was released, Twitter’s stock shares decreased by 5 percent this morning.