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Twitter Tells Musk His Attempt To Bail On $44 Billion Acquisition Is ‘Invalid And Wrongful’
Dado Ruvic / reuters
July 12th, 2022 | 16:14 PM | 478 views
CALIFORNIA, UNITED STATES
The company's lawyers said Musk is the one who has violated parts of his agreement with Twitter.
Twitter’s lawyers have hit back at Elon Musk for his attempt to bail on his $44 billion takeover of the company. The company said Friday, immediately following Musk’s official notice that he wanted to terminate the deal, that it was prepared to pursue legal action against him. Now, in a new filing with the SEC, Twitter goes further, calling Musk’s actions “invalid and wrongful.”
Musk and his lawyers previously accused the company of making “false and misleading” statements about the number of bots and fake accounts on its platform. They claimed, without offering evidence, that number of bots could be “wildly higher” than what Twitter has stated.
Now, Twitter’s lawyers have responded. In a letter to Musk’s attorneys, Twitter denies that it has reneged on its side of the agreement. In fact, it goes on to state that Musk himself has “knowingly, intentionally, willfully, and materially breached the Agreement.” It cites, among other provisions, the clause that stipulates Musk is barred from disparaging Twitter or its employees.
The filing is the latest sign that Twitter is gearing up for what could be a drawn out legal battle with Musk. The company’s board, which is facing a multi-billion dollar hit to Twitter’s share price since the saga with Musk began, has said it will sue Musk in an effort to force him to comply with the deal. The company has even hired a new law firm that specializes in corporate mergers. But whether a legal battle will result in Musk actually owning Twitter is still very much unclear.
courtesy of ENGADGET
by Karissa Bell
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