Elon Musk is officially trying to kill his Twitter takeover

Elon Musk is officially trying to pull the plug on the $44 billion deal to buy Twitter. In a , Musk’s attorneys said the Tesla CEO wanted to terminate the agreement because of “false and misleading representations” by Twitter.

In , Twitter’s board of directors said it still intends to complete the transaction and will take legal action against Musk. “We are committed to completing the transaction at the price and terms agreed with Mr. Musk and plan to take legal action to enforce the merger agreement,” the board said. “We are confident that we will prevail in the Delaware Court of Chancery.”

Twitter and Musk have been at odds for months over how the company counts the number of bots and fake accounts on the platform. In the filing with the SEC, Musk’s attorneys say Twitter has both withheld information and misled Musk about the true numbers.

Twitter has long claimed that fake accounts make up less than 5 percent of its total users, and it is giving Musk some of its internal “firefighters” of data to back up those claims. But the additional data wasn’t enough to reassure Musk, who continues to question Twitter’s official estimates.

In the SEC filing, Musk’s attorneys state that “while Twitter has not yet provided Mr. Musk with complete information that would allow him to conduct a full and comprehensive review of spam and fake accounts … it appears that Twitter the number dramatically underestimated”. “A preliminary analysis by Mr. Musk’s advisors of the information provided by Twitter leads Mr. Musk to strongly believe that the percentage of fake and spam accounts included in the reported mDAU count is well over 5%,” they told the SEC.

Twitter did not immediately respond to a request for comment.

Development…

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https://www.engadget.com/elon-musk-tries-to-kill-twitter-takeover-215356568.html?src=rss Elon Musk is officially trying to kill his Twitter takeover

Russell Falcon

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