Elon Musk warned he may walk away from his $44 billion deal to acquire Twitter Inc if the social media network fails to provide data on spam and fake accounts, the billionaire said in a letter to the company on Monday.
The letter said Twitter was in a "clear material breach" of its obligations and that Musk reserves all rights to terminate the merger agreement.Earlier in March, Musk said he would put the deal "temporarily on hold", while he waits for the social media company to provide data on the proportion of its fake accounts.
"Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement, which is causing further suspicion that the company is withholding the requested data due to concern for what Musk's own analysis of that data will uncover," according to the letter.
"Musk believes the company is actively resisting and thwarting his information rights," the letter by Musk's lawyers said.
Twitter shares were down 5.5% at $37.95 in premarket trading.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Brain Implant Can Now Let Man Control Amazon's Alexa With His Thoughts US Secret Service Says It Is Aware Of Musk Post About Biden, Kamala Harris Elon Musk Deletes Controversial Post About Trump Assassination Bid "Biggest Breach": Thousands Of Pagers Explode In Lebanon, Target Hezbollah Video: Leopard Spotted Crossing Road In Bengaluru's Electronic City AAP Asks Its Rajya Sabha MP Swati Maliwal To Quit Over Atishi Remarks 3 Children Crushed Under Tractor Carrying Ganesh Idol In Maharashtra: Cops "No U-Turns By Modi Government, Only Responsiveness": Piyush Goyal Exclusive How PM's Birthplace Vadnagar Shaped His Early Days, Documentary Reveals Track Latest News Live on NDTV.com and get news updates from India and around the world.