“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,” the letter reads.
Twitter shares fell by 7% during extended trading after the announcement.
Twitter quickly responded claiming they would force Musk to enforce the agreement.
“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk,” Twitter chairman Bret Taylor tweeted out.
The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.
— Bret Taylor (@btaylor) July 8, 2022
It’s all about the Twitter bots
Twitter bots aka spam accounts are designed to spread ads or information throughout the online community. Twitter has insisted they represent less than 5% of all users. Musk believes that the bots could account for 20% or more.
At one point Twitter said it removes around 1 million bot accounts every day.
There are Twitter accounts claiming to have a cure for Covid-19? And touting cryptocurrency get-rich-quick schemes.