By Laurel Duggan, DCNF
Tesla CEO Elon Musk canceled his bid to purchase Twitter Friday, according to a letter from his lawyers published in a Securities and Exchange Commission filing.
Twitter “appears to have made false and misleading representations” and “has not complied with its contractual obligations,” according to the letter. Mike Ringler, attorney for Skadden Arps, accused the company of refusing to provide information requested by Musk, including what percent of its monetizable users were fake or spam accounts.
Musk threatened to cancel his deal with Twitter June 6 after the company reportedly refused to hand over user data reports he had requested. The company has claimed that only 5% of its accounts are fake or spam, but Musk speculated that number could be four times higher.
“We are committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plan to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” the Twitter board said in a statement provided to the Daily Caller News Foundation.
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.
— Bret Taylor (@btaylor) July 8, 2022
“Twitter has not provided information that Mr. Musk has requested for nearly two months notwithstanding his repeated, detailed clarifications intended to simplify Twitter’s identification, collection, and disclosure of the most relevant information sought in Mr. Musk’s original requests,” the letter from Musk’s attorney read.
Musk agreed to buy Twitter for about $44 billion April 25 after the company attempted to thwart his buyout efforts.
This story is breaking and will be updated as the situation develops. Please check back for updates.
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