Twitter Response: Letter Says Elon Musk’s Request to End Deal Was ‘Blank and Illegal’

In a letter to Twitter on Monday, he said Tesla CEO Elon Musk’s decision to end the $44 billion acquisition of the company was “wrong and wrong”.

In a letter to CNBC Monday, Twitter said Tesla CEO Elon Musk’s attempt to end its proposed $44 billion buyout for the company was “invalid and illegal”. The letter was sent to Musk’s lawyers, saying the company erred in the number of bot accounts on the platform after Musk announced last Friday that he has no plans to strike a deal.

It should be noted, however, that Twitter gave Musk access to the “fire hose” of user data weeks before the deal was cancelled. Experts warned in June that identifying which Twitter accounts are bots and which are real people might not be as easy as Musk thought. Twitter claims spam or fake accounts make up about five percent of its daily active users, but Musk estimates that number closer to 20 percent.

Twitter plans to sue Musk earlier this week, according to sources close to the situation. Twitter’s decision to buy law firm Wachtell, Lipton, Rosen & Katz LLP seems deliberate, as the move gives them access to attorneys like William Savitt and Leo Stryn, who served as chancellors of the Delaware Chancery Court where the case was heard. audible.

“Twitter has not breached any of its obligations under the Convention,” Twitter attorney William Savitt said in a letter Monday. Savitt insists on continuing the purchase agreement.

“Twitter, as always, Mr. Musk complies with the Agreement and will diligently take all necessary steps to close the transaction,” Savitt wrote in the letter.

“Twitter reserves all contractual, legal and other rights, including the right to specifically enforce Musk’s obligations under the Contract.”

Twitter shares fell 11 percent to $32.65 on Monday and are now trading 40 percent below the $54.20 price Musk agreed to pay in April.

Musk reportedly hired Quinn Emanuel Urquhart & Sullivan LLP as his legal representative on the matter. The company previously filed a successful defamation lawsuit in 2019 and represented Musk in an ongoing shareholder lawsuit in 2018 for not privatizing Tesla.

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