Home LATEST NEWS HIGH TECH Elon Musk accuses Twitter of withholding information

Elon Musk accuses Twitter of withholding information


The multi-billionaire believes that by not transmitting all the data it requests on the subject, Twitter is in breach of its obligations, according to a letter addressed to the social network and published on the website of the American authority of the financial markets (SEC).

So Mr. Musk reserves the right not to finalize the transactionis added.

The platform reacted by saying in a message to AFP that it shared information with Mr Musk in accordance with the agreement and that she had every intention of completing the transaction at the agreed price.

The boss of Tesla and SpaceX, who in April filed an offer to buy the social network for 44 billion US dollars, has already questioned on several occasions the data transmitted by Twitter on spamming and fake accounts as well as the measures taken to limit its proliferation.

means of pressure

And he has already threatened on his Twitter account to put the deal outstanding for this reason.

But this is the first time he has done so in an official document.

The entrepreneur is looking for means of pressure in order to lower the offer price or withdraw altogether if he so choosessays Angelo Zino of CFRA.

Mr. Musk, he recalls, had waived his right to scrutinize the group’s accounts before the deal was announced.

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It’s getting harder and harder now to imagine a scenario where this is not settled in courtnotes the analyst.

Both parties have agreed to pay a severance fee of up to US$1 billion in certain circumstances.

One of the conditions of the deal, tacit approval from competition authorities, was met on Friday, after the deadline for them to launch a thorough review expired.

On the New York Stock Exchange, Twitter stock fell 1.5% on Monday to close at US$39.56, a far cry from the US$54.20 price Mr. Musk offered in April.

Already deep investor skepticism

The low magnitude of the decline reflects investors’ already deep skepticism that the deal will be completedadvance Susannah Streeter, analyst at Hargreaves Lansdown.

Twitter estimates that the number of fake accounts and spammers on the social network represents less than 5% of its daily active users.

But Mr. Musk says the methodology employed by the platform is not adequate and that he must carry out his own analysis.

Twitter did send a document on June 1, but only to offer additional details on its methodology, the letter adds.

However, the entrepreneur believes that he needs more information to prepare for the transition and finalize the financing of the operation: the proportion of fake accounts on the network depends on the ability to generate income from them through advertising or paid subscriptions.

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Texas investigation into fake accounts

Going in the direction of Mr. Musk, the Attorney General of Texas announced Monday in a press release that he had launched an investigation to determine whether fake Twitter accounts represented 5% of subscribers, as claimed by the social network, or rather up to to 20% or more, as the entrepreneur claimed.

Which would then amount to deceive Texas consumers and businesses.

Ken Paxton’s services have asked Twitter to send documents by June 27 explaining how the platform calculates and manages data on its users.

After previous criticisms of Mr. Musk, the boss of the social network, Parag Agrawal, had split in mid-May of a long explanation on the measures taken to fight against spamming and fake accounts.

Mr. Agrawal had indicated in particular that the figures of Twitter were based on multiple replications of human analysis of accounts, which are randomly selected.

The whimsical entrepreneur had responded to these explanations with an emoji in the shape of poop. How can advertisers know what they are really paying?he also tweeted. This is a fundamental question for the financial health of Twitter.

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