Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Elon Musk Threatens To Bail On Deal To Buy Twitter Amid Spat With Executives
Posted
June 8, 2022
Views
37,088
Likes
1,685
Comments
498
Engagement
5.89%
June 8, 2022
37,088
1,685
498
5.89%
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6:54Now PlayingElon Musk is threatening to back out of his deal to buy Twitter as he is accusing the board of refusing to provide statistics and other information about the prevalence of fake accounts and bots on the platform. Musk’s lawyers argue that failing to provide such information is a breach of the purchase agreement made with Twitter’s executives, giving grounds for Musk to back away from the deal without legal consequences. Cenk Uygur and Ana Kasparian discuss on The Young Turks. Watch LIVE weekdays 68 pm ET.
Read more HERE:
"Elon Musk has accused Twitter of committing a “material breach” of his $44bn (£35bn) agreement to buy the company and has threatened to terminate the deal, in the clearest indication yet that the world’s richest man is preparing to walk away from the takeover.
Musk’s lawyers have written to Twitter accusing it of refusing to provide sufficient information about the number of false users on the service, as part of a simmering dispute over the number of spam and fake accounts that populate the platform.
In a letter to Twitter’s chief legal officer, Vijaya Gadde, lawyers representing the Tesla CEO said he believed the company was “actively resisting and thwarting” his rights to access data and information from the company under the agreement. The letter said Twitter had failed to provide the information requested by Musk since 9 May, adding that a formal response from the social media platform on 1 June was insufficient.
“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,” said the letter from US law firm Skadden, Arps, Slate, Meagher & Flom. Musk’s legal team is arguing that failure to provide information about false accounts breaches a covenant in the agreement, a promise to act in a certain way during the sale process, which would allow him to walk away from the deal."
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