An amended 13D filing regarding Elon Musk's attempt to take Twitter private suggests he's trying to find a way to get out of the deal.
The filing includes a letter from Musk's lawyers regarding spam estimates.
"Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement," the filing says.
It continues "Musk believes the company is actively resisting and thwarting his information rights (and the company’s corresponding obligations) under the merger agreement. This is a clear material breach of Twitter’s obligations under the merger agreement and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement."
Shares of Twitter have fallen from $40.16 to $37.25 in the premarket.
The letter indicates that Twitter believes the only information it's required to provide must is limited to a "very specific purpose: facilitating the closing of the transaction."
This one might be in the courts for awhile.
$54.20 is the agreed-on price and every legal expert I've read says it will be very difficult for Musk to get avoid buying Twitter. Meanwhile, the distraction and his about-face on Tesla on Friday caused a 9% decline in its shares.