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Elon Musk Wrote Twitter CEO About Lawyers Before Deal Pull-Out: Report

Elon Musk Texted Twitter CEO About Lawyers Before Deal Pull-Out: Report
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Elon Musk Wrote Twitter CEO About Lawyers Before Deal Pull-Out: Report

Twitter sued Musk after he decided to walk out of the $44 billion takeover deal. (Filet)

Washington:

The dispute between Tesla boss Elon Musk and Twitter takes many turns.

Elon Musk recently, but before pulling out of the deal, texted Twitter CEO Parag Agrawal on June 28, according to new reports, informing him that the company’s lawyers were trying to “create trouble.” after gathering information on the financial details that Musk planned to complete the acquisition of Twitter.

“Your lawyers are using these conversations to stir up trouble. This has to stop,” Musk said. Musk sent the special message after Twitter asked Musk how he would fund the Twitter deal.

A few days ago, Twitter sued Musk after he decided to pull out of the $44 billion takeover deal.

According to The Verge, the lawsuit was filed Tuesday in the Delaware Court of Chancery, accusing Musk of hypocrisy. “Twitter is bringing this lawsuit to restrain Musk from further violations, to compel Musk to comply with its legal obligations, and to compel the merger to go ahead upon satisfaction of the few outstanding terms,” ​​Twitter wrote in the lawsuit. The lawsuit marks the beginning of a potentially Twitter, which is represented by M&A powerhouse law firm Wachtell, Lipton, Rosen & Katz, claimed Musk had sought a way out of the deal that required a “material adverse effect” or breach of contract.

Musk had to try to summon one of them,” the lawsuit states. Musk announced the termination of the Twitter deal in a letter Musk’s team sent to Twitter earlier this month.

Musk decided to sit out the deal due to multiple breaches of the purchase agreement. In April, Musk reached an acquisition agreement with Twitter at $54.20 per share in a transaction valued at approximately $44 billion. However, Musk put the deal on hold in May so his team could verify Twitter’s claim that less than 5 percent of accounts on the platform are bots or spam.

Back in June, Musk had openly accused the microblogging site of violating the merger agreement and threatened to walk away and call off its acquisition of the social media company because it failed to provide the data it requested via spam and fake accounts. Musk claimed that Twitter “actively opposes and thwarts his information rights” as set out in the agreement, CNN reported, citing the letter he sent to Twitter’s head of legal, policy and trust, Vijaya Gadde.

Musk asked Twitter to release information about its testing methods to back up its claims that bots and fake accounts make up less than 5 percent of the platform’s active user base, a number the company has regularly included in canned public disclosures for years.

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