san francisco Elon Musk has threatened to withdraw from his $44 billion takeover of Twitter. A letter from his lawyers released on Monday said Twitter had “clearly breached” its obligations. Musk therefore reserves all rights to terminate the merger agreement. The boss of the car manufacturer Tesla had already said that he would temporarily put the deal on hold, arguing that he wanted to have precise data on the proportion of fake Twitter accounts first. According to the short message service, the number is less than five percent, while Musk assumes at least a fifth of users.
“Musk believes that Twitter is manifestly refusing to perform its obligations under the merger agreement, raising suspicions that the company is withholding the requested data for fear of what Musk’s own analysis of that data will uncover,” the letter said his lawyers. “Musk believes the company is actively defending and thwarting its rights to information.”
Twitter shares fell four percent after the start of trading. Tesla’s shares, on the other hand, rose by more than two percent. The boss of electric car pioneer Tesla previously agreed with the company to acquire Twitter for $54.20 per share. With prices around 40 dollars, however, investors are currently very skeptical as to whether a corresponding transaction will actually take place.
More: Musk threatens to fire employees who work from home
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