Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

Elon Musk threatens to give up on buying Twitter, accuses the network of hiding profiles

2 min read


Billionaire Elon Musk is threatening to back out of buying Twitter. That’s because, according to him, the entrepreneurs and owners of the social network denied him essential information about Twitter. According to Musk, the executives refused to reveal the amount of fake profiles on the platform.

Musk’s statements were made in a letter addressed to the social network’s executives.

“Twitter has, in fact, refused to provide the information that Musk has repeatedly requested since May 9, 2022,” the letter reads.

Also according to the text, Musk does not believe in the method used by Twitter to count fake profiles. For him, the social network tries to obfuscate and confuse the requested information.

Furthermore, Elon Musk accuses Twitter of having fewer users than it claims to have. In this way, the network would be inflating the numbers on purpose.

“Musk has the right to search and Twitter is obligated to provide information and data,” the letter said.

Elon Musk Might Give Up Buying Twitter

As the letter points out, the data in question is essential for any purchase and value decision, “for any reasonable business purpose related to the consummation of the transaction,” the message adds.

At the same time, the document claims that the data provided would not be confidential if the purchase of Twitter did not take place.

This is the second time that Elon Musk has threatened to back out of his purchase of Twitter, which he has pledged to do for $44 billion.

In May, as reported by Cryptheory, the billionaire stated that the deal was temporarily suspended. At the time, the businessman also accused Twitter of hiding information related to fake accounts.

Musk has argued that the social network is lying when it says it only has 5% of its users as fake accounts. For him, the real number of fake accounts is four times greater than that presented by the company.

So, if Musk is right, more than 20% of Twitter users would be fake.

The platform’s CEO, Parag Agrawal, justifies that he cannot disclose official data to maintain Twitter’s privacy. But Musk, has been adamant: Either Twitter shows the real data or it will cancel the purchase.

General manager of the US division of Ontology: “In the future everyone can monetize their data”

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply