Billionaire Elon Musk send a formal notice to the Twitter Board of Directors today with his intent to not buy twitter and walk away.
In the letter, disclosed in a Securities and Exchange Commission filing, Skadden Arps attorney Mike Ringler charged that “Twitter has not complied with its contractual obligations.”
According to Ringler, the contract would have required Twitter to give Musk pertinent business information such as user data and analytics like time on platform and ammount of activity. Musk earlier declared that he was interested in evaluating Twitter’s assertions that 5% of its monetizable daily active users (mDAUs) are spam accounts.
“Twitter has failed or refused to provide this information,” Ringler claimed. “Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information.”
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