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Twitter Inc NYSE:TWTR NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 53.70 0 00:00:00

Elon Musk Says Twitter In Breach of Buyout Deal

06/06/2022 2:40pm

Dow Jones News


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By Will Feuer

 

Elon Musk said Twitter Inc. is refusing to comply with its obligations under its deal to be bought by Mr. Musk, and that Mr. Musk has the right to terminate the deal.

Mr. Musk said Twitter has refused to provide the data necessary to facilitate his own evaluation of the number of spam and fake accounts on the social-media platform. In April, Twitter accepted Mr. Musk's $44 billion bid to take over the company and go private.

In a letter to Twitter Chief Legal Officer Vijaya Gadde, Mr. Musk's lawyer Mike Ringler said Mr. Musk is entitled to the requested data, in part so that he can facilitate the financing of the deal.

"In any event, Mr. Musk is not required to explain his rationale for requesting the data, nor submit to the new conditions the company has attempted to impose on his contractual right to the requested data," Mr. Ringler wrote. "At this point, Mr. Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement."

"This is a clear material breach of Twitter's obligations under the merger agreement and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement," he said.

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

June 06, 2022 09:25 ET (13:25 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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