Whew! Elon Musk is not a happy camper right now. The Tesla CEO threatened to terminate his deal to buy Twitter Inc. in a new letter that was sent out this Monday, accusing the company of not complying with one of his requests.
As we previously reported, in April, Twitter accepted Mr. Musk’s $44 billion bid to take over the company and go private. While it looked like a closed deal, Mr. Musk wanted a review of the number of spam and fake accounts on the social media platform. However, he explained that has been the big holdup.
He claims Twitter has refused to provide the data necessary for him to facilitate his own evaluation of the number of spam and fake accounts and threatened to terminate the deal. The letter says that the company sent over information to Musk in a June 1 correspondence, but Musk responded that he wants to conduct his own analysis. “Based on Twitter’s behavior to date, and the company’s latest correspondence in particular, Mr. Musk believes the company is actively resisting and thwarting his information rights (and the company’s corresponding obligations) under the merger agreement,” the Monday letter reads.
“This is a clear material breach of Twitter’s obligations under the merger agreement and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement,” Musk’s Monday letter to Twitter leaders ends on an ominous note, effectively threatening to terminate the deal if he is not given the requested data.”
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According to online reports, of’s estimated 229 million users, that would equate about 11.45 million fake accounts.
Socialites, now get into this!
The New York Daily News reports that If Musk decided to pull out of the sale, he will still be on the hook for a $1 billion termination fee, according to a previous SEC filing. Twitter would be responsible for the same payout if it calls it quits. So far, a spokesperson for Twitter has not comment on the latest update on the big deal just yet.
Meanwhile, some fans online are not upset about Musk threatening to scrub the deal as many previously said they would ditch the platform if Musk secures it. Actress and activist Jameela Jamil, who has 1 million followers on Twitter, posted shortly after Musk’s acquisition of the company this week, saying it would be her last tweet.
Ah he got twitter [sic]. I would like this to be my what lies here as my last tweet. Just really *any* excuse to show pics of Barold,” she wrote, sharing photos of herself and her dog. “I fear this free speech bid is going to help this hell platform reach its final form of totally lawless hate, bigotry, and misogyny. Best of luck.” Activist and author Amy Siskind had a similar reaction, saying: “I am sitting with my thoughts and watching, and haven’t decided if I am staying here. I have a huge philosophical issue knowing whatever content I provide here goes directly towards enriching one man, who I think is absolutely awful. Watching. His platform is hemorrhaging users,” she tweeted at the time he acquired. “I don’t view him as a mentally stable person,” she wrote in a subsequent tweet.