Elon Musk, during an event at SpaceX headquarters in Hawthorne, California, US, on Thursday, October 10, 2019.
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Twitter said Monday in a letter that Elon MuskHis bid to end his proposed $44 billion acquisition of the social media company was “invalid and false.”
Letter to Musk’s lawyers, followed by Tesla CEO announced on friday that he plans to cancel the deal because of allegations that Twitter undercounts the number of spam accounts on its service, among other reasons.
Musk’s lawyers claimed in the letter Friday that Twitter breached its acquisition-related obligations by allegedly failing to provide Musk with the information necessary to calculate the number of spam accounts on the service. service.
However, Twitter attorney William Savitt of the law firm Wachtell, Lipton, Rosen & Katz wrote in the letter Monday that “Twitter has not breached any of its obligations under the Agreement.”
Savitt said the Twitter deal is still in effect.
Twitter’s decline since Musk’s deal was announced
CNBC
As it has done, Twitter will continue to provide information as reasonably requested by Mr. Musk under the Agreement and take all necessary steps to close the transaction.
Savitt added that “Twitter reserves all contractual, legal and other rights, including the right to specifically enforce Musk’s Parties’ obligations under the Agreement.”
Attorneys advising Musk on the deal and related matters did not immediately respond to a request for comment. A Twitter representative declined to comment on the filing.
Twitter shares fell 11% Monday to $32.65. They’re currently trading 40% less than the $54.20 price Musk agreed to pay in April and have fallen about 33% since the deal was announced.
CLOCK: Elon Musk backs Twitter deal
