Billionaire investor and businessman Elon Musk warned Twitter on Monday that if it fails to share data on spam and bogus accounts, he may walk away from the $44 billion transactions. This was said by Elon Musk in a letter to Twitter Inc.
Twitter was in a ‘clear material breach’ of its duties, according to the letter, and Musk maintains the right to terminate the merger deal. Musk stated in March that he would put the transaction ‘temporarily on hold’ while waiting for statistics on the number of bogus accounts on the social media network.
‘Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement, which is causing further suspicion that the company is withholding the requested data due to concern for what Musk’s own analysis of that data will uncover’, read the letter.
Meanwhile, in premarket trade, Twitter shares were down 5.5 percent at $37.95.