Twitter considers billionaire Elon Musk’s rejection of a $44 billion deal to buy the social networking platform “invalid and unfounded.”
And she confirmed in a book she sent to Elon Musk on Monday that she, for her part, fulfilled everything that was stipulated in the agreement between the two parties in April.
At the same time, Musk accuses Twitter of non-compliance with the terms of the agreement, especially of not providing him with all the data associated with fake accounts on the platform, according to an official letter from Twitter sent to Musk and his legal representatives and published on the website of the American Capital Markets Authority, that it is based on of the foregoing requires that the owner of my company, Tesla, and SpaceX fulfill their obligations under the agreement.
And on Monday, the first trading session on the New York Stock Exchange since Musk’s decision to pull out of the deal, Twitter shares closed 11.3% down to close at $32.65 a share, 40% below the price Musk offered for a share. buy the company in mid-April.
Justifying his decision to withdraw from the deal, Musk said in an official Twitter letter that the latter had not fulfilled its obligations under the agreement.
He explained that the company did not provide him with all the data related to fake accounts and spam on the platform, accusing it of underestimating the volume of these accounts and emails.
Musk has also accused Twitter of violating an agreement between him and him by recently making a number of decisions, including a hiring suspension, in violation of its obligation under the agreement to continue operating normally.
But Twitter’s defense representatives responded to Musk’s book in the same way, emphasizing in their letter that all the accusations made by the billionaire against the company are groundless.
In their response letter, Musk’s lawyers said, “Contrary to what was stated in your letter, Twitter has not violated any obligations under the agreement.”
Twitter, in particular, confirmed that it provided Musk with all the data requested from him regarding the number of fake accounts, emphasizing that the number of these accounts is less than 5% of the total number of accounts registered on the platform.
But the billionaire claims that the real number of these fake accounts is much higher.
Many legal experts argue that Musk’s reasons for pulling out of the deal are not legally sufficient to terminate the contract.
According to this official Twitter-to-Musk email, both sides are facing a legal battle that the South African billionaire will pay, if he ends up losing, billions of dollars in compensation to the social networking site.