>>27331
https://www.theepochtimes.com/elon-musk-files-to-exit-twitter-deal_4586582.html?utm_medium=Social&utm_source=truthsocial
Tesla CEO Elon Musk said he is exiting his multi-billion-dollar deal with Twitter over concerns about its spam bots, a newly revealed SEC filing shows.
“While Section 6.4 of the Merger Agreement requires Twitter to provide Mr. Musk and his advisers all data and information that Mr. Musk requests ‘for any reasonable business purpose related to the consummation of the transaction,’ Twitter has not complied with its contractual obligations,” reads a Securities and Exchange Commission (SEC) filing dated July 8, 2022.
“For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform,'” the filing continued.
Musk’s lawyer noted how the information on the pervasiveness of the social media platform’s bot accounts is “fundamental to Twitter’s business and financial performance” and is “necessary to consummate the transactions contemplated by the Merger Agreement.”
The information on fake or spam accounts on the platform, Musk’s lawyers continued, “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.”
Additional information Musk has been attempting to request from Twitter include the monetizable daily active usage or users (mDAU), Twitter’s process for auditing the inclusion of spam and fake accounts in its mDAU count, the platform’s methods for catching and suspending spam and fake accounts, and materials showing Twitter’s financial condition.
The SEC filing noted how Musk and his Morgan Stanley advisers have been requesting this information since May 9, but Twitter has “failed to provide much of the data and information” Musk requested.