Twitter hires top law firm to sue Elon Musk for ending $44 billion buyout deal
News Highlights
- Tesla CEO Musk terminated his deal on Friday (July 8).
- To force Elon Musk to complete the deal, Twitter has hired US law firm Wachtell, Lipton, Rosen and Katz (founded in 1965) to sue Musk.
- Musk reached an acquisition agreement with Twitter in April and had put that on hold in May.
Twitter is contemplating legal action against Tesla and SpaceX CEO Elon Musk over his decision to terminate a $44 billion acquisition deal. According to The Hill (newspaper), the microblogging site has hired a large New York-based law firm Wachtell, Lipton, Rosen & Katz LLP as it prepares to sue Musk. Social network company Twitter will file its lawsuit in Delaware next week. Meanwhile, Elon Musk is being represented by the law company Quinn Emanuel Urquhart & Sullivan.
Social network company
- CEO: Parag Agrawal (29 Nov 2021)
- Founded: 21 March 2006, San Francisco, California, United States
- Headquarters: San Francisco, California, United States
- Founders: Jack Dorsey, Biz Stone, Evan Williams, Noah Glass
- Subsidiaries: Twitter Asia Pacific Pte. Ltd., Twitter France SAS, MORE
On July 8, Twitter’s chairman, Bret Taylor said, “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.” On Friday (July 8), Musk announced the termination of a $44 billion Twitter buyout deal in a letter sent by Musk’s team to Twitter.
Tesla’s CEO team wrote in a letter that the proportion of spam and fake accounts is “extremely high” at 5 percent. “In short, Twitter has not given data that Mr. Musk has requested for nearly 2 months notwithstanding his repeated, detailed clarifications intended to simplify Twitter’s identification, collection, and disclosure of the most relevant information sought in Mr. Musk’s original requests.”
Musk reached an acquisition agreement with Twitter in April and put that on hold in May to give his team time to investigate Twitter’s claim that fewer than 5% of accounts on the platform are bots or spam. As per the report, Elon Musk alleged that Twitter is “actively resisting and thwarting his information rights” as outlined by the deal, citing the letter he sent to Twitter’s legal head, Vijaya Gadde.
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