This article was last updated on June 6, 2022
Billionaire businessman Elon Musk said that if Twitter does not provide data on fake accounts, it will withdraw its $44 billion bid to buy the company.
Musk, who made a $44 billion bid to buy Twitter, later announced that the deal was temporarily suspended as it continued to determine that spam and fake accounts were indeed below 5 percent.
In a letter to the Twitter company, Elon Musk stated that Twitter “clearly violated” its responsibilities set out in the agreement and that he reserves the right to cancel the deal he offered to buy.
“Musk believes that Twitter has visibly failed to fulfill its obligations clearly stated in the agreement, which raises further suspicion that the company is hiding the requested data,” the letter said.
“Musk believes that the company has resisted meeting the demands and that his right to information has been denied,” the letter written by Musk’s lawyers said.
In pre-opening trading, Twitter shares fell by 5.5 percent to $37.95; Tesla shares, of which Elon Musk is CEO, rose 3.5 percent.