Twitter responded to Elon Musk’s letter, which outlined the explanations for terminating his $44 billion cope with the social media firm. Twitter claims Musk’s determination to interrupt off the merger settlement is “invalid and wrongful.”
“Mr. Musk’s and the opposite Musk Events’ purported termination is invalid and wrongful, and it constitutes a repudiation of their obligations underneath the Settlement. Opposite to the assertions in your letter, Twitter has breached none of its obligations underneath the Settlement, and Twitter has not suffered and isn’t prone to endure a Firm Materials Opposed Impact,” wrote William Savitt, from Wachtell, Lipton, Rosen & Katz.
Twitter included the letter in a latest submitting submitted to the Securities and Trade Fee (SEC). Wachtell, Lipton, Rosen & Katz is representing Twitter because it prepares to file a lawsuit in opposition to Elon Musk, forcing him to seal his $44 billion deal.
“The purported termination is invalid for the impartial cause that Mr. Musk and the opposite Musk Events have knowingly, deliberately, willfully, and materially breached the Settlement…,” famous the letter.
Twitter was adamant that Elon Musk’s deal remains to be in impact and demanded that Musk and his workforce adjust to their “obligations.” The social media firm additionally said it will present info to Musk on the situation that it’s “fairly requested.”
Final week, Elon Musk submitted a SEC submitting that may finish his Twitter takeover. His representatives from Sadden, Arps, Slate, Meagher & Flom LLP claimed that Twitter failed to supply knowledge or details about the corporate, together with these associated to spam and faux accounts.
Based mostly on Twitter’s letter, the social media firm appears to suppose it has offered sufficient info to Musk’s workforce for the deal to push ahead. Nevertheless, individuals conversant in the matter recommend in any other case. Musk’s camp claims that the data Twitter offered had “strings hooked up,” making it difficult to investigate the corporate’s state.
Twitter Claps Again at Elon Musk’s Termination of $44B Deal by Maria Merano on Scribd
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