Elon Musk can’t pull out of Twitter deal

The lawyers of the social network Twitter affirmed that the businessman's attempt not to proceed with the purchase is "illegal"

Twitter’s lawyers described as “invalid” Elon Musk’s attempt to withdraw from the purchase of the social network for about 44,000 million dollars as the parties had agreed at the end of last April.

“Musk’s alleged termination of his contract is invalid and unlawful, and constitutes a repudiation of his obligations under the agreement. Contrary to the assertions in his letter, Twitter has not breached any of its obligations”, the social network legal team said in a letter published by the Securities Market Commission (SEC).

Last week, Musk posted on Twitter that he was renouncing the purchase contract after receiving no response from the company when asking for information about the number of fake accounts found on the platform, as well as the company’s way of auditing and suspend them.

Musk had been publicly questioning Twitter’s bot numbers for weeks, in what many analysts saw as an attempt to drive down the tech giant’s share price.

K. Tovar

Click the link to subscribe for free to our news and media group on Telegram: https://t.me/G_ELSUMARIO_News

Source: Bloomberg

Comments are closed.