Elon Musk threatens to cancel Twitter deal
New Delhi : Billionaire Elon Musk has warned that he may walk out of the $44 billion deal to acquire Twitter it the social media does not provide him the actual data on fake and spam accounts.
In a letter to the company, he called it a "clear material breach" of its obligations and Elon Musk holds all rights to call off the merger agreement. Earlier, Mr Musk had said that he is putting the deal on hold till the social media company provides him a data on fake accounts.
"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," according to the letter.
"Musk believes the company is actively resisting and thwarting his information rights," the letter by Musk's lawyers said.
Soon after the news of Elon Musk thinking of calling off the deal came to light, the share price of the company dropped by 5.5 percent to $37.95.