https://sputnikglobe.com/20220606/twitter-vows-to-cooperatively-share-information-after-musk-threatens-to-abort-deal-1096067987.html
Twitter Vows to 'Cooperatively Share Information' After Musk Threatens to Abort Deal
Twitter Vows to 'Cooperatively Share Information' After Musk Threatens to Abort Deal
Sputnik International
NEW YORK (Sputnik) - Twitter said on Monday it will "cooperatively share information" with Elon Musk after the world’s richest man threatened to abort a deal... 06.06.2022, Sputnik International
2022-06-06T17:45+0000
2022-06-06T17:45+0000
2023-04-14T12:56+0000
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"Twitter has and will continue to cooperatively share information with Mr. Musk to consummate the transaction in accordance with the terms of the merger agreement," the company said in a statement shared on various social media. "We believe this agreement is in the best interest of all shareholders. We intend to close the transaction and enforce the merger agreement at the agreed price and terms."The statement stopped short of saying if Twitter would categorically agree with all of Musk’s demands, which the company has previously said could infringe the rights of users on its microblogging platform.Musk’s lawyers threatened earlier on Monday that he would walk away from the Twitter acquisition if the company continues to resist his demands of being more forthcoming over its fake and spam accounts.The legal firm argued that the failure by Twitter’s board to give Musk more detailed information on fake and spam accounts constituted a breach of the agreement for him and other investors to take the company, now listed on the New York Stock Exchange, private at a price of $54.20 a share.Twitter’s Chief Executive Officer Parag Agrawal had earlier said its research showed that "well under 5%" of its users over the last four quarters have been spam or fake accounts, versus Musk’s contention that the number was greater.Just like Musk’s contention that Twitter was breaching its agreement with him, the social media company had said earlier that it would be breaching confidentiality agreements with its users by turning over the information Musk wants.The privilege of anonymity, noted by some analysts, is ironically preferred by many Twitter users who side with Musk in his various online spats on the platform.Twitter’s shares were trading down 98 cents, or about 2.5%, at $38.04 after its response to Musk. It was down twice as much earlier in the day after his threat to quit the deal with the company.
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Twitter Vows to 'Cooperatively Share Information' After Musk Threatens to Abort Deal
17:45 GMT 06.06.2022 (Updated: 12:56 GMT 14.04.2023) NEW YORK (Sputnik) - Twitter said on Monday it will "cooperatively share information" with Elon Musk after the world’s richest man threatened to abort a deal to buy the microblogging site on the accusation that it wasn’t transparent enough on its fake and spam accounts.
"Twitter has and will continue to cooperatively share information with Mr. Musk to consummate the transaction in accordance with the terms of the merger agreement," the company said in a statement shared on various social media. "We believe this agreement is in the best interest of all shareholders. We intend to close the transaction and enforce the merger agreement at the agreed price and terms."
The statement stopped short of saying if Twitter would categorically agree with all of Musk’s demands, which the company has previously said could infringe the rights of users on its microblogging platform.
Musk’s lawyers threatened earlier on Monday that he would
walk away from the Twitter acquisition if the company continues to resist his demands of being more forthcoming over its fake and spam accounts.
"Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement," Mike Ringler, attorney at Skadden, Arps, Slate, Meagher & Flom, said in a filing with the US Securities and Exchange Commission that attached Musk’s latest demand letter to Twitter.
The legal firm argued that the failure by Twitter’s board to give Musk more detailed information on
fake and spam accounts constituted a breach of the agreement for him and other investors to take the company, now listed on the New York Stock Exchange, private at a price of $54.20 a share.
Twitter’s Chief Executive Officer Parag Agrawal had earlier said its research showed that "well under 5%" of its users over the last four quarters have been spam or fake accounts, versus Musk’s contention that the number was greater.
Just like Musk’s contention that Twitter was breaching its agreement with him, the social media company had said earlier that it would be breaching confidentiality agreements with its users by turning over the information Musk wants.
The
privilege of anonymity, noted by some analysts, is ironically preferred by many Twitter users who side with Musk in his various online spats on the platform.
Twitter’s shares were trading down 98 cents, or about 2.5%, at $38.04 after its response to Musk. It was down twice as much earlier in the day after his threat to quit the deal with the company.
