Washington: Twitter Is considering legal action against the CEOs of Tesla and SpaceX Elon Musk on its decision to terminate the $44 billion acquisition deal.
According to The Hill, the microblogging site has hired a large New York-based law firm watchtel, liptonRosen & Katz LLP as it prepares to sue Musk.
Twitter will file its lawsuit Delaware next week. Meanwhile, Musk is being represented by the law firm Quinn Emanuel Urquhart & Sullivan.
on Saturday, bret taylorTwitter’s chairman said, “The Twitter Board is committed to closing the transaction on the price and terms agreed with Mr. Musk and plans to take legal action to enforce the merger agreement. Will prevail in the off chance.”
Musk announced the termination of the $44 billion Twitter buyout deal earlier on Saturday in a letter sent to Twitter by Musk’s team.
Musk decided to postpone the deal due to multiple breaches of the purchase agreement.
According to the letter, the Tesla CEO’s team believes the proportion of spam and fake accounts is “extremely high” at 5 percent.
“As described below, Mr. Musk is terminating the merger agreement because Twitter is in material breach of several provisions of that agreement,” the letter said on Friday. ,
“In short, Twitter has not disclosed that Mr. Musk has nearly provided information, despite its repeated, detailed explanation of the intent to facilitate Twitter’s identification, collection and disclosure of the most relevant information sought in Mr. Musk’s original requests.” Requested for two months.”
In April, Musk entered an acquisition agreement with Twitter at $54.20 per share in a transaction of approximately $44 billion. However, Musk halted the deal 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 openly accused the microblogging website of violating the merger agreement and threatened to shut down the acquisition of the social media company for not providing the data he requested on spam and fake accounts.
Musk alleged that Twitter is “actively opposing and thwarting their information rights”, as outlined by the deal, in a letter CNN sent to Twitter’s head of legal, policy and trust Vijaya Gadde. Referring to.
Musk demanded that Twitter turn over information about its testing methods to support its claims that bots and fake accounts constitute less than 5 percent of the platform’s active user base, a figure the company has made boilerplate public about. Has said consistently over the years in disclosure.
According to The Hill, the microblogging site has hired a large New York-based law firm watchtel, liptonRosen & Katz LLP as it prepares to sue Musk.
Twitter will file its lawsuit Delaware next week. Meanwhile, Musk is being represented by the law firm Quinn Emanuel Urquhart & Sullivan.
on Saturday, bret taylorTwitter’s chairman said, “The Twitter Board is committed to closing the transaction on the price and terms agreed with Mr. Musk and plans to take legal action to enforce the merger agreement. Will prevail in the off chance.”
Musk announced the termination of the $44 billion Twitter buyout deal earlier on Saturday in a letter sent to Twitter by Musk’s team.
Musk decided to postpone the deal due to multiple breaches of the purchase agreement.
According to the letter, the Tesla CEO’s team believes the proportion of spam and fake accounts is “extremely high” at 5 percent.
“As described below, Mr. Musk is terminating the merger agreement because Twitter is in material breach of several provisions of that agreement,” the letter said on Friday. ,
“In short, Twitter has not disclosed that Mr. Musk has nearly provided information, despite its repeated, detailed explanation of the intent to facilitate Twitter’s identification, collection and disclosure of the most relevant information sought in Mr. Musk’s original requests.” Requested for two months.”
In April, Musk entered an acquisition agreement with Twitter at $54.20 per share in a transaction of approximately $44 billion. However, Musk halted the deal 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 openly accused the microblogging website of violating the merger agreement and threatened to shut down the acquisition of the social media company for not providing the data he requested on spam and fake accounts.
Musk alleged that Twitter is “actively opposing and thwarting their information rights”, as outlined by the deal, in a letter CNN sent to Twitter’s head of legal, policy and trust Vijaya Gadde. Referring to.
Musk demanded that Twitter turn over information about its testing methods to support its claims that bots and fake accounts constitute less than 5 percent of the platform’s active user base, a figure the company has made boilerplate public about. Has said consistently over the years in disclosure.