ANI |
Updated: Jul 12, 2022 06:30 IST
Washington [US], July 12 (ANI): Lawyers for Twitter have responded to Elon Musk’s decision of terminating USD 44 billion takeover deal with the social media firm.
According to Variety, in a letter dated Sunday, July 10, the microblogging site’s outside attorneys told Musk’s legal team that “Mr. Musk’s and the other Musk Parties’ purported termination is invalid and wrongful, and it constitutes a repudiation of their obligations under the Agreement.”
“Twitter demands that Mr. Musk and the other Musk parties comply with their obligations under the agreement,” the lawyers added.
Twitter, which is being repped by M&A powerhouse law firm Wachtell, Lipton, Rosen & Katz, disclosed the information in an SEC filing on Monday.
On the other hand, Musk ridiculed Twitter for initiating a legal battle to force him to purchase the company.Musk tweeted four images of him laughing, “They said I couldn’t buy Twitter. Then they wouldn’t disclose bot information. Now they want to force me to buy Twitter in court. Now they have to disclose bot information in court.”
Musk announced the termination of a USD 44 billion Twitter purchase deal in a letter sent by Musk’s team to Twitter earlier on Saturday. Musk decided to suspend the deal due to multiple breaches of the purchase agreement.
In April, Musk reached an acquisition agreement with Twitter at USD 54.20 per share in a transaction valued at approximately $44 billion. However, Musk put the deal on hold in May to allow his team to review the veracity of Twitter’s claim that less than 5% of accounts on the platform are bots or spam.
Back in June, Musk had openly accused the microblogging website of breaching the merger agreement and threatened to walk away and call off the acquisition of the social media company for not providing the data he has requested on spam and fake accounts. (ANI)
