Twitter refused to provide information on its fake or spam accounts, so Elon Musk is canceling his plan to buy the platform, according to a letter sent by Musk’s legal team to Twitter.
Musk asked Twitter CEO Parag Agrawal to show evidence of Twitter’s claim that less than 5 percent of its accounts are fake or spam accounts before following through with purchasing the platform, according to a May 17 tweet. Musk claimed that 20% of the platform accounts were spam or fake.
Information on Twitter’s fake or spam accounts “is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr. Musk’s financing and financial planning for the transaction, and to engage in transition planning for the business,” the letter from Musk’s legal team says. “Twitter has failed or refused to provide this information.”
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