Elon Musk on Tuesday issued another warning to terminate his $44 billion purchase of Twitter, citing additional “unspecified” reasons.
Twitter shares fell more than 1 percent before the market opened.
The latest filings come after Twitter’s former chief security officer, Peter Zatko, claimed earlier this month that the social media company had “fatal and egregious deficiencies” in privacy, security and content monitoring, according to CNBC. Is.
On July 8, Musk’s legal team first filed a notice with the US Securities and Exchange Commission to terminate the acquisition of Twitter. Musk’s legal team claimed that “Twitter did not live up to its contractual obligations.”
In a subsequent announcement released on Tuesday, Zatco’s allegations were cited as additional reasons for terminating the contract.
In a letter to Twitter’s chief legal officer, Mike Ringler, Musk’s legal representative, wrote: “The allegations of certain facts were known to Twitter prior to July 8, 2022, but were not disclosed to Musk prior to that time and have been raised ever since.” has been It clarifies that it provides additional and objective grounds for termination of the merger agreement.
According to the termination notice, Ringer wrote: “Although the companies representing Elon Musk as a party to the transaction believe that this notice of termination is not legally necessary to terminate the merger agreement because they have already properly terminated it pursuant to the termination notice. On July 8th they provide this supplementary notice of termination, if the contract expires on July 8th for any reason the notice is void.
Source: Lebanon Debate
