Elon Musk Warns Of Dropping Twitter Deal of $44 Billion If Data Not Provided

In a letter to Twitter Inc on Monday, Elon Musk warned that if the social media network fails to give data on spam and fake accounts, he may walk away from his $44 billion deal with the firm.

Twitter was in "clear material breach" of its duties, according to the letter, and Musk reserves the right to terminate the merger deal.

Musk stated in March that he would put the transaction "temporarily on hold" while waiting for Facebook to submit data on the percentage of fake accounts it had.

According to the letter, Musk feels Twitter is "clearly refusing to comply with its obligations under the merger agreement," which "raises suspicions that the firm is suppressing requested data out of fear of what Musk's own examination of that data may reveal."

Musk's lawyers wrote that "Musk believes the business is purposefully contesting and undermining his information rights."

Mr Musk has stated that he has secured funding for the purchase through both equity and loans, enlisting the help of elite investors like as Saudi Arabian investor Prince Alwaleed bin Talal and Sequoia Capital. In early trade, Twitter shares were down 5.5 percent at $37.95.