In a complaint filed by Twitter to the Delaware Chancery Court, it was reported that Musk refused to honor his obligations to Twitter and its shareholders because the deal he signed “no longer serves his personal interests.” In the complaint, it was noted that Musk’s claims to terminate the agreement were “excuses” and had “no basis”.
‘THE SHARE PRICE HAS BEEN DOWNLOADED’
“Since the signing of the merger deal, Musk has repeatedly disparaged Twitter and the deal, putting downward pressure on Twitter’s business risk and share price,” the petition states. statement was included.
It was reported on July 8 that Elon Musk terminated the deal to buy the social media company Twitter, citing violations of multiple provisions.
Musk’s lawyers stated in a statement to the US Securities and Exchange Commission (SEC) that Twitter did not respond or refused to respond to multiple requests for information about fake or spam accounts on the platform, which is important to the company’s business performance.
In the notification, it was noted that Twitter had been found to have fundamentally violated many provisions of the agreement and had made false and misleading statements.
Twitter Chairman Bret Taylor, on the other hand, announced that it is planned to initiate legal action to implement the agreement after Musk’s termination decision.
Taylor, in his post on his social media account, “The Twitter Board of Directors is committed to completing the transaction with Musk at the prices and terms agreed upon, and plans to take legal action to enforce the merger agreement.” had used the phrase.
In a letter sent by Twitter’s lawyer William Savitt to Musk’s lawyer Mike Ringler, it was stated that Musk’s termination of the agreement was “invalid and unfair”, meaning that the obligations under the agreement were rejected.
In the event that the transaction was not completed with the termination decision, the agreement condition requiring Musk to pay 1 billion dollars was on the agenda.
It was a matter of debate whether the dispute over spam accounts was a sufficient reason for Musk to withdraw from the purchase agreement.
(AA)