{"id":39163,"date":"2022-06-06T17:47:15","date_gmt":"2022-06-06T17:47:15","guid":{"rendered":"https:\/\/harchi90.com\/musk-threatens-to-drop-twitter-deal-if-fake-account-data-not-provided\/"},"modified":"2022-06-06T17:47:15","modified_gmt":"2022-06-06T17:47:15","slug":"musk-threatens-to-drop-twitter-deal-if-fake-account-data-not-provided","status":"publish","type":"post","link":"https:\/\/harchi90.com\/musk-threatens-to-drop-twitter-deal-if-fake-account-data-not-provided\/","title":{"rendered":"Musk threatens to drop Twitter deal if fake-account data not provided"},"content":{"rendered":"<div>\n<p data-testid=\"paragraph-0\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">June 6 (Reuters) &#8211; Elon Musk on Monday warned that he might walk away from his $ 44 billion offer to acquire Twitter Inc (TWTR.N) if the social media network failed to provide data on spam and fake accounts.<\/p>\n<p data-testid=\"paragraph-1\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">In a letter to Twitter, the billionaire reiterated his request for details on bot accounts and said he reserved all rights to terminate the merger as the company was in a &#8220;clear material breach&#8221; of its obligations by not providing him with the information.<\/p>\n<p data-testid=\"paragraph-2\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Twitter shares fell as much as 5.6% to $ 37.92 and were trading at a steep discount to Musk&#8217;s offer of $ 54.20 per share, suggesting that investors did not expect the deal to close at the agreed price.  The stock was last down 2%, while Tesla rose 1.2%.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI article-body__inline-registration-prompt__1-N9W\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;Twitter has and will continue to cooperatively share information with Musk to consummate the transaction in accordance with the terms of the merger agreement,&#8221; the company said in a statement.<\/p>\n<p data-testid=\"paragraph-4\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">It intends to close the deal at the agreed price and terms, Twitter added<\/p>\n<p data-testid=\"paragraph-5\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Musk put the deal &#8220;temporarily on hold&#8221; in mid-May, saying he will not move forward with the offer until Twitter showed proof that spam bots account for less than 5% of its total users.<\/p>\n<p data-testid=\"paragraph-6\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Since then, the takeover saga has seen several twists and turns, raising questions about Musk&#8217;s intentions to complete the deal at the set price.<\/p>\n<p data-testid=\"paragraph-7\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Although Musk has extensively used the social-media platform to air his views on the deal and the company, this is the first time that he has formally threatened to walk away.<\/p>\n<p data-testid=\"paragraph-8\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;It&#8217;s fairly obvious that he has buyer&#8217;s remorse and he is trying whatever to get a reduction in price, and I think he may succeed,&#8221; said Dennis Dick, a proprietary trader at Bright Trading LLC.<\/p>\n<p data-testid=\"paragraph-9\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;You can see the sell-off in social media stocks and he has realized that he overpaid &#8230; all these are tactics just to get a reduction in price.&#8221;<\/p>\n<p data-testid=\"paragraph-10\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Musk has questioned the accuracy of Twitter&#8217;s public filings about spam accounts, claiming they must be at least 20% of the user base.  Twitter has disagreed, with Chief Executive Parag Agrawal providing details on how the company handles spam accounts in one of his recent tweets about him.<\/p>\n<p data-testid=\"paragraph-11\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">A self proclaimed free-speech absolutist, Musk has said one of his priorities will be to remove &#8220;spam bots&#8221; from the platform.  The Tesla Inc (TSLA.O) CEO owns 9.6% of Twitter and has over 95 million followers on the network.<\/p>\n<p data-testid=\"paragraph-12\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">As part of the deal, Musk is contractually obligated to pay a $ 1 billion break-up fee &#8211; a sliver of his fortune of $ 219 billion estimated by Forbes &#8211; if he does not complete the deal.  Twitter can sue for &#8220;specific performance&#8221; to force Musk to complete the deal and obtain a settlement from him as a result.  read more <\/p>\n<p data-testid=\"paragraph-13\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">In his letter, Musk said he needed the data to conduct his own analysis of Twitter users and did not believe in the company&#8217;s &#8220;lax testing methodologies.&#8221;<\/p>\n<p data-testid=\"paragraph-14\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;He is trying to walk away from the Twitter deal, this is the first shot across the bow,&#8221; Wedbush analyst Dan Ives said.<\/p>\n<p data-testid=\"paragraph-15\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Musk has lined up several high-profile investors, including Saudi Arabian investor Prince Alwaleed bin Talal and Sequoia Capital, to fund the deal.<\/p>\n<figure class=\"article-body__element__2p5pI\" data-testid=\"graphic-0\">\n<div class=\"reuters-graphic__image-container__Pqe8z\">\n<div data-testid=\"StatefulImage\" class=\"stateful-image__container__hH_Q_ stateful-image__light__2XHJA\">\n<div data-testid=\"Image\" class=\"stateful-image__image__ThpeM\"><noscript><\/noscript><\/div>\n<\/div>\n<\/div><figcaption data-testid=\"Body\" class=\"text__text__1FZLe text__medium-grey__3A_RT text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__caption__3L8vY reuters-graphic__figcaption__2fuWM\">Elon Musk threatens to walk away from deal<\/figcaption><\/figure>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__default__UPMUu sign-off__text__PU3Aj\">Reporting by Nivedita Balu in Bengaluru;  Additional reporting by Tiyashi Datta;  Writing by Sweta Singh;  Editing by Anil D&#8217;Silva<\/span><\/p>\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Our Standards: The Thomson Reuters Trust Principles.<\/p>\n<\/div>\n<p>    .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>June 6 (Reuters) &#8211; Elon Musk on Monday warned that he might walk away from his $ 44 billion offer to acquire Twitter Inc (TWTR.N) if the social media network failed to provide data on spam and fake accounts. In a letter to Twitter, the billionaire reiterated his request for details on bot accounts and &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/musk-threatens-to-drop-twitter-deal-if-fake-account-data-not-provided\/\"> <span class=\"screen-reader-text\">Musk threatens to drop Twitter deal if fake-account data not provided<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[56,928,730,429,430,731,732,25,255,256,3549,737,733,738,74,3123,39,40,258,1602,739,13342,278,3552,76,735,64,43,44,6961,1593,3135,3554,87,511,1603,740,734,49,50,51,52,285,75,57,283],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/www.reuters.com\/resizer\/eXm1SV5n-hj212gvMXrE1l9Zjqo=\/1200x628\/smart\/filters:quality(80)\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/NCAKTPQBPRNWJJHJWY23RBJACU.jpg","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/39163"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=39163"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/39163\/revisions"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=39163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=39163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=39163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}