Elon Musk to terminate Twitter deal

Tesla and SpaceX CEO Elon Musk is set to terminate his acquisition agreement with Twitter after allegedly not receiving the information needed to close the deal.

Musk had previously asked Twitter to reveal the amount of bot activity that was used across the social media platform and was eager to identify the data on spam, bot and human user activity.

During a conference in Miami last month, Musk voiced the possibility of renegotiating his Twitter purchase to a lower price, saying it was “not out of the question”, and that it would be “as unknowable as the human soul”, to identify how many bots were exactly on the platform.

The Tesla CEO put the $44bn acquisition on temporary hold until he could obtain verification that less than 5% Twitter users being fake. 

He tweeted: “20% fake/spam accounts, while 4 times what Twitter claims, could be much higher.”

According to Musk’s legal counsel, Twitter has yet to provide such details and only confirmed the company’s methodology; measuring the bot activity rather than its overall amount.

An abstract from the letter proposed to Twitter’s general counsel by crypto-friendly Musk’s attorneys read: Twitter’s latest offer to simply provide additional details regarding the company’s own testing methodologies, whether through written materials or verbal explanations, is tantamount to refusing Mr Musk’s data requests.”

The letter states Musk’s expectations were not managed and that he did not find the given methodologies as “adequate” therefore he “must conduct his own analysis”. As of June 6, Twitter shares were down around 3.4% to $38.81.

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Updated: 06/07/2022 — 15:00