44 billion lawsuit: Musk informs Twitter about termination of settlement, company promises to go to court

The American businessman made a corresponding statement on July 8. Later, the company responded to Musk’s statement.

Musk sent letter regarding termination of contract for Twitter acquisition

Elon Musk sent a letter to Twitter’s chief legal officer announcing the termination of his contract to buy the social network for $44 billion.

The entrepreneur reported that the company violated several contractual obligations. In particular, according to Musk’s lawyer, the company did not give the businessman the relevant business information he requested.

That’s why Musk announced that he’s postponing the deal until the company has proven that spambots make up no more than 5% of total Twitter users.

Musk’s lawyer said, “Twitter did not provide or refused to provide this information. The company sometimes ignored Mr. Musk’s requests, sometimes refused for seemingly unfair reasons, and sometimes provided Musk with incomplete or inappropriate information.” Said.

Twitter responded to Musk’s letter

Twitter’s chairman Bret Taylor explainedHe said the company’s board of directors will sue the entrepreneur for Musk’s purchase of the social network.

Twitter’s board of directors plans to close the deal on the prices and terms agreed with Mr. Musk and plans to sue to enforce the merger deal.
said Taylor.

The chairman of the board also announced that the company is confident they will win at the Delaware Chancery Court.

Briefly about Musk’s acquisition of Twitter

• In May, Elon Musk suspended the deal to buy Twitter for $44 billion. At the time, the billionaire was said to be trying to determine the exact number of spam and fake accounts on the platform.
• Already in June, Elon Musk began threatening to stop buying Twitter. The problem is still the same – fake accounts, the number of which the entrepreneur could not determine.
• Already on July 8, it became known that Elon Musk’s deal to buy Twitter was in jeopardy. The Washington Post published an article in which, based on data from their own sources, three people claimed that closing the deal was in jeopardy.

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