Mark Mahaney, managing director of Evercore ISI, talks about Elon Musk’s meeting with Twitter employees and joint carriers.
after, after Fire hose delivery from user data Earlier this month, Twitter was reported to have given Elon Musk more.
Insider reports that Musk’s legal team sent a letter to Twitter’s board of directors last week, claiming the data received so far was “insufficient.” Sources told the outlet that Musk was “unhappy” with the data he received because his team was unable to run their own tests to determine the percentage of spam and fake accounts.
The new data reportedly includes real-time API information, which Musk’s team says will allow them to perform their own analysis, according to Insider.
| ribbon | protection | else | they change | they change % |
|---|---|---|---|---|
| TWTR | Twitter you. | 39.51 | +0.79 | + 2.04% |
A Twitter spokesperson declined to comment directly on the report, but reiterated its previous statement that the social media giant “has and will continue to share information collaboratively with Mr. Musk to complete the transaction in accordance with the terms of the merger agreement.”
Musk’s representatives did not immediately respond to a FOX Business request for comment.
The Twitter Council collectively receives the Musk offer I received
Musk, who struck a $44 billion agreement in April to acquire Twitter and make the company private at $54.20 per share, questioned the company’s internal estimate that spam and fake accounts make up less than 5% of the platform’s users.
musk Threatened to withdraw from the deal Earlier this month, he claimed that the company violated its obligations under the merger agreement by “actively resisting and thwarting” his right to obtain information about spam and fake account data.
Speaking at the Qatar Economic Forum on Tuesday, the billionaire said that resolving the dispute was a “very important issue” and one of three obstacles currently blocking the deal. The other two obstacles are shareholder approval and the debt financing of the transaction together.
Musk pledged $33.5 billion in equity financing and received commitments from Morgan Stanley Senior Funding Inc. and other financial institutions for up to $13 billion in debt financing.
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Although Musk has previously expressed a willingness to renegotiate the deal at a lower price commensurate with the overall proportion of fake accounts and spam, Twitter said he believes the current agreement is in the best interests of its shareholders.
“We intend to close the transaction and enforce the merger agreement at the agreed price and terms,” the company added.
On Tuesday, Twitter’s board of directors “unanimously” recommended that its shareholders vote to approve the acquisition.
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