Twitter says Musk’s request to terminate the deal is invalid

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Elon Musk, throughout an occasion at SpaceX headquarters in Hawthorne, California, U.S., on Thursday, Oct. 10, 2019.

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Twitter mentioned Monday in a letter that Elon Musk‘s bid to terminate his proposed $44 billion acquisition of the social media firm is “invalid and wrongful.”

The letter, addressed to Musk’s attorneys, adopted the Tesla CEO’s declaration on Friday that he plans to scrap the deal over allegations that Twitter undercounts the variety of spam accounts on its service, amongst different causes.

Musk’s attorneys claimed in Friday’s letter that Twitter breached its obligations associated to the acquisition by allegedly failing to supply Musk with the data essential to calculate the variety of spam accounts on the service.

Nevertheless, Twitter lawyer William Savitt of the regulation agency Wachtell, Lipton, Rosen & Katz wrote in Monday’s letter that “Twitter has breached none of its obligations underneath the Settlement.”

Savitt mentioned Twitter the settlement stays in impact.

Twitter’s drop since Musk deal was introduced

CNBC

“Because it has completed, Twitter will proceed to supply data fairly requested by Mr. Musk underneath the Settlement and to diligently take all measures required to shut the transaction,” he wrote.

Savitt added that “Twitter reserves all contractual, authorized, and different rights, together with its proper to particularly implement the Musk Events’ obligations underneath the Settlement.”

Attorneys advising Musk on this deal and associated issues didn’t instantly reply to a request for remark. A Twitter consultant declined to remark past the submitting.

Twitter shares plunged 11% on Monday to $32.65. They’re now buying and selling 40% under the worth of $54.20 that Musk agreed to pay in April, and have dropped about 33% for the reason that deal was introduced.

WATCH: Elon Musk backs out of Twitter deal



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