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Elon Musk has threatened to back out of the Twitter takeover deal

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Elon Musk has threatened to withdraw his $44 billion bid for Twitter, claiming that the company has declined to provide him with details about its spam bot accounts.

In a letter to Twitter dated Monday, Tesla and SpaceX CEO Elon Musk’s lawyers made the warning. That letter was contained in a Securities and Exchange Commission filing by Twitter. According to the letter, Musk has been requesting the information since May 9, a month after making his offer to buy the company, in order to determine how many of the company’s 229 million accounts are false. 

According to the lawyers, Twitter has merely promised to share details regarding the company’s testing techniques. However, they argue that this is “equivalent to refusing Mr Musk’s data requests.” Musk needs data so he may independently verify Twitter’s allegedly shoddy procedures.

Twitter Inc. shares fell more than 4% on Monday, potentially incensing Twitter shareholders who sued Musk late last month for allegedly inflating the stock price. Twitter’s stock has dropped 23% in the last month.

Learn more about this at usatoday.com

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Andrew Sabastian is a tech whiz who is obsessed with everything technology. Basically, he's a software and tech mastermind who likes to feed readers gritty tech news to keep their techie intellects nourished.
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