Twitter claims Elon Musk bailed from sale with 'invalid and wrongful' reasons
Twitter has fired back at Elon Musk's allegations the micro-blogging network is in breach of its agreement to be acquired, claiming the billionaire is the one at fault and vowing to see the deal through to a conclusion.[PDF] that includes a letter from Twitter's lawyers to Musk's legal team.for backing out of the $44 billion acquisition was"invalid and wrongful, and it constitutes a repudiation of their obligations under the agreement.
Musk's core reason for walking away from the deal was his claim that Twitter did not provide enough information for him to understand the true state of the business – in particular its financial projections and how many users are bots, spammers, or otherwise inauthentic. Twitter's filing rejects that allegation. The biz had insisted fewer than one in 20 of its monetizable daily active users is a bot or spam account, a figure Musk claimed he had trouble believing.
"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," the submission stated, in response to Musk's letter at the end of last week signaling his termination of the takeover deal.
Musk also argued that Twitter had not only broken the sale agreement, this effectively represented a unilateral termination that justified his own decision to walk away from it all."The purported termination is invalid for the independent reason that Mr Musk and the other Musk Parties have knowingly, intentionally, wilfully, and materially breached the agreement," the filing states.
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