Elon Musk reaches "Twitter" Cancellation of a deal to buy a company

CNBC reported on billionaire Elon Musk’s decision to cancel a deal to buy Twitter, according to a letter sent by a lawyer on his behalf to the company’s chief legal officer on Friday.

In a letter released by the Securities and Exchange Commission, attorney Mike Ringler said Twitter failed to honor its contractual obligations.

Ringler said Twitter did not provide Musk with the relevant business information he requested, even though the contract required it.

Musk previously said he wanted to evaluate Twitter claims that about 5% of monetized daily active users come from spam accounts.

“Twitter did not provide or refused to provide this information,” Ringler said. “Twitter sometimes ignored Mr. Musk’s requests, sometimes denied them for seemingly unjustified reasons, and sometimes claimed compliance while Mr. Musk provided information that is incomplete or unusable.”

Twitter received no reactions or comments.

Source: CNNBC.

Related Stories

Leave a Reply