Elon Musk is terminating the agreement to by buy Twitter, alleging that the social media giant made 'false and misleading representations.'
Former SEC Chairman Harvey Pitt argues that Elon Musk demanding clarity on fake accounts in order to proceed with his Twitter purchase is a ‘negotiating ploy.’A law firm representing the Tesla CEO sent a letter to Twitter on Friday, alleging that it appears "to have made false and misleading representations" whento buy the company on April 25 and has "breached" multiple provisions of the initial agreement.
Twitter CEO Parag Agrawal said an external review to determine the percentage of spam or fake accounts would be difficult to perform because of the "critical need to use both public and private information." The company eventually agreed to hand over a "firehose" of data from over 500 million tweets that are posted every day.
"For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform,'" his lawyer wrote. "This information is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr.
Despite multiple requests for more information regarding "the prevalence of false or spam accounts on the platform," Twitter has not provided the information that Musk has requested, the lawyer alleges."While Twitter has provided some information, that information has come with strings attached, use limitations or other artificial formatting features, which has rendered some of the information minimally useful to Mr. Musk and his advisors," the letter states.
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