Elon Musk Asserts His Right Not to Buy Twitter

Elon Musk Asserts His Right Not to Buy Twitter

In the latest twist in “will he or won’t he,” billionaire Elon Musk has asserted his "right not to consummate" his acquisition of Twitter and a "right to terminate the merger agreement.”

In April, Twitter had accepted Musk’s bid to take over the company. 

Then, Musk Tweeted out that the deal was on hold. 

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Now, a letter from his lawyers to the Twitter general counsel Vijaya Gadde sent Monday morning suggests that his agreement to buy Twitter is anything other than legally watertight.

“Between the lines,” reports Axios. “The letter from Musk is ostensibly about a dispute over data. Musk wants Twitter to provide him with information that will help him ‘facilitate his evaluation of spam and fake accounts on the company's platform.’”

Axios continues:

"The big picture: Thanks to the recent rout in technology shares, both Twitter and Tesla, which is the main source of Musk's wealth, are worth much less today than they were when Musk entered his initial bid of $54.20 per share. That means Musk is overpaying for the company, with money he is going to have difficulty finding."

Previously, Musk boasted he would restore former President Donald Trump's account.