Twitter lawyers say Musk’s termination of the deal is “invalid and wrongful”

Twitter lawyers say Musk’s termination of the deal is “invalid and wrongful”

July 12, 2022 0 By Ivan Mehta

In a letter to SEC, Twitter’s lawyers from the firm Wachtell, Lipton, Rosen & Katz said Elon Musk’s termination of the acquisition deal was “invalid and wrongful.”

This comes after Musk and his lawyers said last week that they’re killing the deal to acquire the social network alleging it of making “false and misleading representations.”

“Contrary to the assertions in your letter, Twitter has breached none of its obligations under the Agreement, and Twitter has not suffered and is not likely to suffer a Company Material Adverse Effect. The purported termination is invalid for the independent reason that Mr. Musk and the other Musk Parties have knowingly, intentionally, willfully, and materially breached the Agreement,” the letter from Twitter’s firm reads.

The company demanded that “Mr. Musk and the other Musk Parties comply with their obligations under the Agreement.”

Since last month, Musk and Twitter were at odds about the number of spam and fake accounts on the platform with Twitter claiming that number to be less than 5% of users. While the company provided Musk’s team with a “firehose” access to its data, the Tesla CEO’s team said, “those APIs contained a rate limit lower than what Twitter provides to its largest enterprise customers.”

Since Musk’s announcement about the termination of the deal, Twitter shares have plunged over 10%. A report from Bloomberg noted that the social media company aims to file a lawsuit against musk this week.

You can read the original article here —> [ Read More ]

New reasons to get excited everyday.

Get the latest tech news delivered right in your mailbox

5 Reasons Why You Should Try Online Horse Race Betting

In many places around the world, horse races are an attraction that a lot of people love to watch. With the fast-paced action and thrill that each game provides, it is no longer surprising to know that millions of fans have grown fond of it.

NordLayer — more than a business VPN

Cybersecurity threats have become vast and more sophisticated. The rate of malware attacks and malicious activity counts within seconds despite the size or sector the organization belongs to — no one is safe enough to expect that foe actors will bypass vital company resources.


Don't miss a beat!!

We’d love to keep you updated with the latest tech news from across the internet!

Don't worry, we don’t spam!