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Twitter: Musk’s withdrawal from agreement is invalid and wrongful

Twitter said on Monday that billionaire Elon Musk’s bid to terminate his proposed $44 billion acquisition of the social media company is “invalid and wrongful.”

Twitter attorney William Savitt, of the law firm Wachtell, Lipton, Rosen & Katz, argued in a letter that “Twitter has breached none of its obligations under the Agreement.”

Savitt wrote that Twitter has upheld all of its obligations and that the agreement remains in effect.

  • “As it has done, Twitter will continue to provide information reasonably requested by Mr. Musk under the Agreement and to diligently take all measures required to close the transaction,” he wrote, according to NBC News.

The letter comes three days after Musk announced on Friday that he was backing out of a deal to buy Twitter for $44 billion, accusing the social media giant of failing to make good on a promise to give him access to information about spam accounts.

  • According to the New York Post, Musk’s legal team said in an FEC filing that Twitter had refused to reply to multiple requests from Musk for information on spam accounts. The number of accounts is crucial to the company’s net value.

The filing alleged that “Twitter is in material breach of multiple provisions of the buyout deal.”

Savitt said on Monday that “Twitter reserves all contractual, legal, and other rights, including its right to specifically enforce the Musk Parties’ obligations under the Agreement.”

Source: Arutz Sheva