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Monday, Jul 15, 2024

Twitter gives Elon Musk more data amid spam, fake account dispute: report

Twitter gives Elon Musk more data amid spam, fake account dispute: report

Musk has disputed Twitter's internal estimate that spam, fake accounts make up less than 5% of users

After handing over a "firehose" of user data earlier this month, Twitter has reportedly given Elon Musk even more.

Insider reports that Musk's legal team sent a letter to Twitter's board last week, claiming that the data received so far was "not adequate." Sources told the outlet that Musk was "unhappy" with the data received because his team was unable to perform their own tests to determine the percentage of spam and fake accounts.

The new data reportedly includes real-time API information, which Musk's team says will allow them to conduct their own analysis, according to Insider.


A Twitter spokesperson declined to comment directly on the report, but reiterated its previous statement that the social media giant "has and will continue to cooperatively share information with Mr. Musk to consummate the transaction in accordance with the terms of the merger agreement."

Representatives for Musk did not immediately return FOX Business' request for comment.

Musk, who entered into a $44 billion agreement in April to acquire Twitter and take the company private at $54.20 per share, has disputed the company's internal estimate that spam and fake accounts make up less than 5% of the platform's users.

Musk threatened to walk away from the deal earlier this month, claiming that the company breached its obligations under the merger agreement by "actively resisting and thwarting" his right to information on the spam and fake account data.

The billionaire said during the Qatar Economic Forum on Tuesday that a resolution to the dispute is "a very significant matter" and one of three hurdles currently preventing the deal from closing. The other two hurdles include shareholder approval and ensuring debt financing for the deal comes together.

Musk has pledged $33.5 billion in equity financing and has received commitments from Morgan Stanley Senior Funding Inc. and other financial institutions for up to $13 billion in debt financing.

Though Musk has previously expressed a willingness to renegotiate the deal for a lower price proportionate to the total percentage of spam and fake accounts, Twitter has said it believes the current agreement is in the best interest of its shareholders.

"We intend to close the transaction and enforce the merger agreement at the agreed price and terms," the company added.

On Tuesday, Twitter's board "unanimously recommended" that its shareholders vote to approve the acquisition.

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