In short, in April, Musk agreed to buy Twitter for $44 billion. Several banks have become sources of financing, including Morgan Stanley, which has agreed to a $12.5 billion loan to secure Tesla shares. Shares of the latter began to fall sharply amid news of a deal with the social network – not only because the company’s founder sold shares, but also because some investors feared that Mask won’t have enough time to run all of their companies, making Tesla’s business worse. yield.

same rake

Maska’s lawyers said in a letter Monday to Twitter’s attorney general Vijay Gadde that he had “the right not to complete the transaction” and “the right to terminate the merger agreement” to buy Twitter. The problem is the same – fake accounts, which do not give peace to the prospective owner of the social network.

The letter also states, based on Musk’s Twitter behavior, It considers that the company has violated its contractual right to information and qualifies it as a material violation..

Mr. Musk disagreed with the specifics in the June 1 Twitter letter. In fact, Twitter has refused to provide the information that Mr. Musk has repeatedly requested since May 9, 2022, to facilitate the company’s assessment of spam and fake accounts on its platform. Twitter’s latest proposal is to provide additional information on the company’s own testing methodologies, either through written materials or verbal explanations, equivalent to Mr Mask’s refusal to request data. Twitter’s efforts to define it differently are nothing more than an attempt to complicate and confuse the issue. Mr. Musk has made it clear that the company does not believe poor testing methods are sufficient and therefore needs to do its own analysis. The requested information is necessary for this,
– it is said in the letter.

Mark Ringer, the author and attorney of the letter, said: “Musk should not explain the reason for the request and should not succumb to the conditions the company is trying to impose on him. [ … ] Mr. Musk believes Twitter is refusing to honor its obligations under the Purchase Agreement.”

If Twitter is confident about the spam ratings posted, Mr Musk doesn’t understand the company’s reluctance to let Mr Musk verify those ratings on his own. As stated in our previous correspondence, Mr. Musk will, subject to the restrictions set forth in Section 6.4, including anyone reviewing data subject to a non-disclosure agreement, and Mr. Musk will not store or otherwise use anything. confidential data until the transaction is completed,
– Added in a letter dated June 6, 2022.

Earlier, Mask was accused of trying to lower the share price and buy the company for less than the originally offered amount. However, he goes on to state that his intentions and the amount offered still stand.