Elon Musk confirms his decision with Twitter

Tesla CEO Elon Musk sent a letter ratifying his decision to cancel the purchase of the Twitter social network that had been set at $44 billion.

This information became known through a document filed with the US Securities and Exchange Commission (SEC), signed by Musk’s legal representative, Mike Ringler.

The new letter “delivers this additional termination notice in the event the July 8 Termination Notice is determined to be invalid for any reason,” according to the SEC filing.

Musk´s financial maneuver impacted the value of the parties that made up the agreement.

The letter states the following:

We are writing on behalf of X Holdings I, Inc. and X Holdings II, Inc. (the “Musk Parties”) to provide additional notice of termination of the Agreement and Plan of Merger by and between the Musk Parties and Twitter, Inc. (“Twitter”) dated April 25, 2022 (the “Merger Agreement”). On July 8, 2022, the Musk Parties terminated the Merger Agreement (the “July 8 Termination Notice”) on certain grounds. Twitter has since questioned the validity of the July 8 Termination Notice and maintains that the Merger Agreement is still in effect, a position that the Musk parties are contesting. Allegations about certain facts, known to Twitter prior to July 8, 2022, but not disclosed to the Musk Parties before and at that time, have since come to light and provide additional and distinct grounds for terminating the Merger Agreement. Although the Musk Parties believe that this termination notice is not legally necessary to terminate the Merger Agreement because they have already validly terminated it pursuant to the July 8 Termination Notice, the Musk Parties are providing this additional termination notice in the event the July 8 Notice of Termination is determined to be invalid for any reason.

K. Tovar

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Source: Hipertextual