Elon Musk wants to withdraw his $44 billion offer to buy Twitter, according to a letter filed by his attorneys on Friday.
Musk claimed in the letter that he is ending the deal because Twitter is “in material breach of multiple provisions” of the original agreement.
Musk has been claiming for over a month, without evidence, that there are more spam and bot accounts on the platform than Twitter has said publicly.
Musk’s attorneys alleged in their letter on Friday that Twitter has “not complied with its contractual obligations” to provide Musk with sufficient data, to dispel his concerns and “appears to have made false and misleading representations upon which Mr. Musk relied” when agreeing to the deal.
“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,'” the Friday letter reads. “This information is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement.”
But Twitter does not appear to be accepting Musk reneging on the deal.
“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” Twitter board chairman Bret Taylor said in a tweet on Friday.
This signals that Twitter is ready to fight to ensure that Musk completes the deal instead of pushing for him to pay the $1 billion breakup fee that Musk agreed to pay under these circumstances, according to the Associated Press.
