Once upon a time, it seemed like Tesla CEO Elon Musk buying social media giant Twitter was a done deal. However, that is not the case anymore, as Musk officially stated he is ready to nix the agreement if the company doesn’t provide him with information about fake accounts on the platform.
Musk stated last month that the deal is on standby as he wants to look into Twitter’s claims that spam and fake accounts make up less than 5 percent of daily active users. He disputed the number at the time, saying that the figure could be “However, it appears that the billionaire never did get the opportunity to do the investigation.
In a letter filed to SEC by his lawyers, Musk said that Twitter “refused to provide the information” he requested. He also called labeled the refusal as “a clear material breach of Twitter’s obligations under the merger agreement” and said that he “reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement.”
Elon Musk reached a deal to buy Twitter in May. He agreed to pay a price of $54.20 a share, which put a price tag of 44 billion on the sale. Since then, Twitter’s shares have dropped to $38.15.