Elon Musk’s Lawyers Cite Statements from Former Twitter Exec as Basis for Exiting $44 Billion Deal
By Movieguide® Staff
Two months have passed since Elon Musk announced that he would no longer move forward with his deal to buy Twitter due to a lack of transparency from the company over the number of fake accounts and spam on the social media app.
Now, with a former Twitter exec testifying to the company’s lack of effort to mitigate the number of bot accounts on their site, Musk’s lawyers note that Musk is justified in his decision to back out of the $44 billion deal.
“Although the Musk Parties believe this termination notice is not legally necessary to terminate the Merger Agreement because they have already validly terminated it pursuant to the July 8 Termination Notice, the Musk Parties are delivering this additional termination notice in the event that the July 8 Termination Notice is determined to be invalid for any reason,” an Aug. 29 letter from Musk’s lawyers to Twitter chief legal officer Vijaya Gadde reads, according to Variety.
“The facts supporting these breaches, which were withheld from the Musk Parties but known to Twitter as of the date of the Merger Agreement and at the time of the July 8 Termination Notice, provided additional bases to terminate the Merger Agreement as of that date and provide additional bases to terminate the Merger Agreement today if the Musk Parties’ termination of the Merger Agreement pursuant to the July 8 Termination Notice is determined to be invalid for any reason,” the letter reads.
However, Twitter’s legal team pushed back, claiming that, like the initial termination letter on July 8, their letter is “invalid and wrongful under the Agreement.”
“Contrary to the assertions in your letter, Twitter has breached none of its representations or obligations under the Agreement, and Twitter has not suffered and is not likely to suffer a Company Material Adverse Effect. Twitter intends to enforce the Agreement and close the transaction on the price and terms agreed upon with the Musk Parties,” the response from Twitter reads.
The trial between the Tesla CEO and Twitter is set to begin Oct. 17 and run until Oct. 22.
Movieguide® previously reported:
Due to Elon Musk’s recent decision not to pursue the purchase of Twitter, the major social media site filed a lawsuit.
The Tesla and SpaceX CEO initially planned to move forward with a $44 billion deal to acquire Twitter. However, Musk turned his back on the company after he alleged the company breached “multiple provisions” from their initial contract.
However, Twitter intends to proceed with the deal and ensure it in a court of law.
“We are committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plan to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” the Twitter Board told People Magazine.
Musk responded to Twitter’s lawsuit in a meme, ironically posted to his Twitter account.
“They said I couldn’t buy Twitter, Then they wouldn’t disclose bot info, Now they want to force me to buy Twitter in court, Now they have to disclose bot info in court.”
Now more than ever we’re bombarded by darkness in media, movies, and TV. Movieguide® has fought back for almost 40 years, working within Hollywood to propel uplifting and positive content. We’re proud to say we’ve collaborated with some of the top industry players to influence and redeem entertainment for Jesus. Still, the most influential person in Hollywood is you. The viewer.
What you listen to, watch, and read has power. Movieguide® wants to give you the resources to empower the good and the beautiful. But we can’t do it alone. We need your support.
You can make a difference with as little as $7. It takes only a moment. If you can, consider supporting our ministry with a monthly gift. Thank you.
Movieguide® is a 501c3 and all donations are tax deductible.
Now more than ever we’re bombarded by darkness in media, movies, and TV. Movieguide® has fought back for almost 40 years, working within Hollywood to propel uplifting and positive content. We’re proud to say we’ve collaborated with some of the top industry players to influence and redeem entertainment for Jesus. Still, the most influential person in Hollywood is you. The viewer.
What you listen to, watch, and read has power. Movieguide® wants to give you the resources to empower the good and the beautiful. But we can’t do it alone. We need your support.
You can make a difference with as little as $7. It takes only a moment. If you can, consider supporting our ministry with a monthly gift. Thank you.
Movieguide® is a 501c3 and all donations are tax deductible.
- Content: +3Share:
- Content: +3