Published , by Donovan Erskine
Published , by Donovan Erskine
There have been a couple factors stalling Elon Musk’s pending acquisition of Twitter (TWTR). Although his proposal was approved by the board, Musk has been awaiting more information about the amount of bots on Twitter before moving forward to finalize the deal. Now, Musk and his lawyer have sent a letter to Twitter, in which they accuse the company of “resisting and thwarting” Musk’s information rights.
The letter sent to Twitter from Elon Musk and his lawyer was published to the SEC website earlier today. In the letter, the party speaks to Twitter’s claims about its bot/spam accounts. While Twitter claims that bots only make up for 5 percent of all profiles, Musk has stated that the number is likely closer to 20 percent. Twitter has neglected to provide sufficient proof as to how they came to such a conclusion. The letter directly addresses Musk’s attempt (and failure) to get to the bottom of the situation.
It’s been a bumpy road for Elon Musk’s acquisition of Twitter (TWTR) to say the least. After Twitter initially accepted Musk’s offer, the billionaire sought additional funding to finance the deal. He then entertained the idea of renegotiating the deal to a lower price, which Twitter leadership pushed back on. Now, the ordeal surrounding Twitter’s bots and spam accounts has delayed the closing of the deal even further, and could ultimately cause it to fall apart.