Social media – Musk threatens to withdraw from Twitter

Billionaire Elon Musk is again threatening to pull out of his $44 billion takeover of the Twitter messaging service. A letter from his attorney published on Monday said Twitter had “clearly breached” its obligations. So Musk reserves all rights to terminate the merger agreement. He wants accurate data on the percentage of fake Twitter accounts.

The head of electric car maker Tesla has already said he will put the deal on hold, arguing that he wants accurate data on the percentage of fake Twitter accounts first. According to the SMS service, the number is less than five percent, while Musk assumes at least one-fifth of users.

Stocks give way

“Musk believes that Twitter is clearly refusing to fulfill its obligations under the merger agreement, which raises the suspicion that the company is withholding the required data for fear of what Musk’s analysis of that data will reveal,” his lawyers said. Musk believes the company is actively defending and thwarting its information rights.

Twitter shares fell 4 percent after the start of trading. On the other hand, Tesla shares rose more than 2%.