(New York) A new twist in the saga of Elon Musk’s takeover of Twitter: an entrepreneur in an official document threatens to withdraw his offer because the social network “actively resists” his requests for information about unwanted and fake orders, which the platform denies.
Posted at 09:41
Updated at 13:05.
The multi-billionaire believes that Twitter is violating its obligations by not giving him all the information he is looking for on that topic, according to a letter sent to the legal manager of the social network and published on the website of the American authorities. financial markets (DRY).
“Mr. Musk reserves all rights arising, including the right not to complete the transaction,” it added.
The platform reacted by stating in a message to AFP that it shares information with Mr. Musk in accordance with the agreement reached and that it has every intention to complete the transaction, at the agreed price.
The head of Tesla and SpaceX, who made an offer to buy the social network for $ 44 billion in April, has already questioned on several occasions the data transmitted by Twitter about unwanted and fake orders and measures taken to limit its spread. And he has already threatened on his Twitter account that he will put the contract on hold.
But this is the first time he has done so in an official document.
Lower the price
The entrepreneur is looking for means of pressure “in order to lower the price of the offer or completely give up if he decides to do so”, suggests Angelo Zino from CFRA.
Mr. Musk, he recalls, waived his right to look deeper into the group’s accounts before the deal was announced.
It is becoming increasingly difficult to “imagine a scenario that will not be resolved in court,” the analyst notes.
Both sides agreed to pay severance pay of up to $ 1 billion in certain circumstances.
On the New York Stock Exchange, Twitter shares fell 2.2% to $ 39.28 in the middle of the session, far from the $ 54.20 price offered by Mr. Musk in April.
The small size of the fall “already reflects investors’ deep skepticism about the end of the operation,” said Susannah Streeter, an analyst at Hargreaves Lansdown.
Twitter estimates that the number of fake accounts and spam on the social network represents less than 5% of its daily active users.
But Mr. Musk says the methodology used by the platform is not “adequate” and that it must conduct its own “own analysis”. He “repeatedly” asked for more information from the social network, the letter states.
Twitter uploaded document 1er June, but only to offer additional details on its methodology, he added.
However, the entrepreneur believes that he needs more information in order to prepare for the transition and finalize the financing of the operation.
The exact number of fake accounts is a “key indicator” in a strategy to increase revenue through advertising or paid subscriptions, notes Susannah Streeter.
After previous criticisms of Mr. In mid-May, Muska, head of the social network Parag Agrawal, shared a long explanation of the measures being taken to combat spam and fraudulent orders.
Mr Agrawal particularly pointed out that Twitter’s figures were “based on multiple reproductions of human account analyzes, selected at random”.
The capricious entrepreneur responded to these explanations with an emoticon in the shape of a poop. “How can advertisers know what they are really paying for?” “, He also tweeted. “This is a fundamental issue for Twitter’s financial health. »
This new episode in the Twitter takeover operation comes after the deadline given on Friday by U.S. competition authorities to launch a thorough investigation of the operation expired on Friday. They did not seize the file, leaving the field free to continue finalizing the transaction.