Twitter sued Musk after he decided to back out of the $44 billion acquisition. (a file)
Washington:
The feud between Tesla CEO Elon Musk and Twitter takes many twists and turns.
According to new reports, Elon Musk recently, but before withdrawing from the deal, sent a text message to Twitter CEO Parag Agrawal on June 28, informing him that the company’s lawyers were trying to “cause trouble” after they sought information about financial details. that Musk was planning to complete the acquisition of Twitter.
He reportedly read Musk’s text: “Your lawyers are using these conversations to make trouble. This has to stop.” Musk sent the private message after Twitter asked Musk how he would fund the Twitter deal.
A few days ago, Twitter filed a lawsuit against Musk after he decided to back out of the $44 billion acquisition deal.
According to The Verge, the lawsuit was filed in Delaware County Courts on Tuesday, accusing Musk of hypocrisy. “Twitter is taking this action to compel Musk to commit further violations to compel Musk to fulfill his legal obligations and compel him to complete the merger upon satisfaction,” Twitter wrote in the lawsuit. The lawsuit marks the beginning of what could be a protracted legal battle as Twitter seeks to compel Musk to pay $54.20 per share to the company. Twitter, which was represented by the powerful law firms Wachtell, Lipton and Rosen & Katz M&A, alleged that Musk sought an escape from the deal, requiring a “material adverse effect” or breach of contract.
The lawsuit said that Musk should have attempted to conjure one of those.” Musk announced the termination of the Twitter acquisition deal in a message that Musk’s team sent to Twitter earlier this month.
Musk decided to put the deal on hold due to multiple violations of the purchase agreement. In April, Musk reached an acquisition agreement with Twitter for $54.20 per share in a deal valued at approximately $44 billion. However, Musk suspended the deal in May to allow his team to review Twitter’s claim that less than 5 percent of accounts on the platform are bots or spam.
Back in June, Musk publicly accused the microblogging site of breaching a merger agreement and threatened to walk away and cancel the takeover of the social media company for not providing the data he requested about spam and fake accounts. Musk alleged that Twitter was “actively resisting and thwarting his rights to information” as outlined in the deal, CNN reported, citing the letter he sent to Twitter’s chief legal, policy and trust, Vijaya Jade.
Mask asked Twitter to hand over information about its testing methodologies to support his claims that bots and fake accounts make up less than 5 percent of the platform’s active user base, a figure the company has consistently stated for years in standard public disclosures.
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