After Elon Muskโs team informed the SEC that theyโre canceling the acquisition deal, Twitter lawyers countered today with a notice that Musk canโt do so.
Calling this pull-out invalid and wrongful, Twitter stated that Musk is willfully trying to exit from the deal, resulting in a material breach. Also, they denied refusing to share any important information asked by Muskโs team, especially the spam bot count.
Twitter Hits Back at Elon Musk
Last Friday, Elon Muskโs team shared theyโre dumping the Twitter acquisition deal worth $44 billion, citing a material breach by the social media company. They blamed Twitter failed to disclose the number of actual spam bots count, even after being repeatedly asked by Musk.
Though Twitter once claimed that the estimate would be less than 5%, Musk and his team constantly struck it off saying itโs around 20%, without any sources. Since neither of them isnโt settling on this issue, Musk intended to drop the deal finally.
And this quickly attracted counters from Twitter, where its chairperson said theyโll sue Musk for this. And theyโre doing so! In a new SEC filing made this week, Twitter stated that Muskโs actions are โinvalid and wrongfulโ.
Further, they blamed Musk and his lawyers for previously accusing them of making โfalse and misleadingโ statements on the number of bot counts, without any evidence. Thus, denying that it wasnโt supportive as per the agreement, Twitter slashes that Musk โknowingly, intentionally, willfully, and materially breached the Agreement.โ
Twitter has already lost billions of dollars in share value since the beginning of this acquisition plan. And itโs blaming Elon Musk for playing with the companyโs status. Thus, itโs taking this deal seriously, and appointed a law firm specializing in corporate mergers, to hold Musk on to the deal anyway.