Twitter lawyers say Musk’s termination of the deal is “invalid and wrongful”July 12, 2022
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 ]