In a letter filed with the SEC [SEE HERE], Tesla CEO Elon Musk is threatening to walk away from the agreement to purchase the social media platform Twitter, if the company does not provide transparency on their internal analysis surrounding fake Twitter accounts.
The letter was sent to Twitter and filed with the SEC after Twitter seemingly refused to provide details about how they can verify the accurate number of active user accounts. There is a strong possibility the purchase is now less likely. The full transcript of the letter is below:
[SEC Filing] – Dear Ms. Gadde: We are in receipt of correspondence sent on Twitter’s behalf dated June 1, 2022, responding to Mr. Musk’s request for the data and information described in my letters dated May 25, 2022 and May 31, 2022.
Mr. Musk does not agree with the characterizations in Twitter’s June 1 letter. Twitter has, in fact, refused to provide the information that Mr. Musk has repeatedly requested since May 9, 2022 to facilitate his evaluation of spam and fake accounts on the company’s platform.
Twitter’s latest offer to simply provide additional details regarding the company’s own testing methodologies, whether through written materials or verbal explanations, is tantamount to refusing Mr. Musk’s data requests. Twitter’s effort to characterize it otherwise is merely an attempt to obfuscate and confuse the issue. Mr. Musk has made it clear that he does not believe the company’s lax testing methodologies are adequate so he must conduct his own analysis. The data he has requested is necessary to do so.
Attorney General Merrick Garland, acting on the authority of Joe Biden, instructed the FBI to arrest Peter Navarro and bring him to federal incarceration.
The leisure and hospitality sector gained 84,000, as restaurants and hotels appear to be recovering from the massive pandemic losses. However, within the reporting there is concern about the sectors that are now showing signs of increased employment weakness, including 61,000 job losses in retail.