In a letter sent to Elon Musk on Monday, Twitter called the billionaire’s withdrawal from the $44 billion deal to buy the social media platform “void and unjustified” and emphasized that it had complied with all the terms of the agreement between the two parties. Is. Last April
While Musk accuses Twitter of not complying with the terms of the agreement, specifically not providing him with all information about fake accounts on the platform, in an official letter sent to Musk and his representatives and published on the US website, Twitter Announced. The capital market organization, based on the above, asks the owner of Tesla and SpaceX to fulfill his obligations in the contract.
And on Monday, in the first trading session on the New York Stock Exchange after Musk decided to pull out of the deal, Twitter shares closed down 11.3 percent at $32.65 a share, 40 percent below Musk’s bid price. Buy this company in mid-April.
In justifying his decision to withdraw from this contract, Musk said in an official letter to Twitter that Twitter has not fulfilled its obligations under the agreement.
He explained that the company did not provide him with all the data related to fake accounts and spam on the platform, accusing it of underestimating the volume of such accounts and emails.
Musk also accused Twitter of violating the agreement between him and him by making several decisions, including a hiring freeze, contrary to its commitment under the agreement to continue business as usual.
But Twitter’s defense agents responded to Musk’s book in the same way and emphasized in their letter that all the billionaire’s accusations against the company are baseless.
In their response, Musk’s lawyers said: Contrary to what is stated in your letter, Twitter has not violated any of the obligations contained in this contract.
In particular, Twitter confirmed that Musk had provided Musk with all the information he requested about the number of fake accounts, stressing that the number was less than 5 percent of all accounts registered on the platform, but the billionaire confirmed It turns out that the real number of these fake accounts is much more.
Many legal experts claim that the reasons Musk gave to justify his decision to withdraw from the deal are not legally sufficient to terminate the contract.
According to official correspondence between Twitter and Musk, the two sides are facing a legal battle in which the South African billionaire will pay the social networking site billions of dollars in damages.
Source: Lebanon Debate
