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January 26, 2023
Lawyers representing Twitter said in a Monday letter that Elon Musk’s bid to withdraw his $44 billion offer to buy the company is “invalid and wrongful.”
This news comes in response to a letter by Musk’s attorneys who accused the Twitter executives of undercounting the real number of spam accounts on the platform. His attorneys also argued that Twitter breached multiple provisions of the acquisition by allegedly “making false and misleading representations.”
Twitter is being represented by the law firm Wachtell, Lipton, Rosen & Katz. “Contrary to the assertions in your letter, Twitter has breached none of its obligations under the Agreement, and Twitter has not suffered and is not likely to suffer a Company Material Adverse Effect,” Twitter attorney William Savitt wrote in Monday’s letter. “The purported termination is invalid for the independent reason that Mr. Musk and the other Musk Parties have knowingly, intentionally, willfully, and materially breached the Agreement.”
“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,” Savitt said.
He continued, “Twitter demands that Mr. Musk and the other Musk Parties comply with their obligations under the Agreement, including their obligations to use their respective reasonable best efforts to consummate and make effective the transactions contemplated by the Agreement.”
Savitt concluded the letter, “Twitter reserves all contractual, legal, and other rights, including its right to specifically enforce the Musk Parties’ obligations under the Agreement.”
According to Variety, Twitter shares plunged 11% on Monday to $32.65. They are now trading 40% below the price of $54.20, which is what Musk originally agreed to pay in April.
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: TIMES OF INDIA