(FT) Twitter stock fell more than 4% on Monday after Elon Musk said he might abort the $44 acquisition deal.
Musk said that Twitter failed to satisfy his demands regarding the spam and fake accounts of the social media company.
Musk’s legal team described Twitter’s failure to provide details of the fake accounts as a “clear material break” of the takeover agreement.
Twitter had claimed that less than 5% of its monetizable daily active users were scammers or bots, something that the Tesla CEO faulted and asked for further information.
Musk now says the social media company is thwarting and resisting his information rights and the companying obligations under the merger deal.
TWTR: NYSE is down -4.04%.
