This is Elon Musk's Letter to Twitter Calling Off His $44 Billion Takeover Deal
- The letter Elon Musk wrote to Twitter in which he terminated the $44 billion deal has been published
- In the letter, Musk’s legal team accused Twitter of being a breach of contract by failing to disclose the actual number of fake accounts
- The letter also stated that one of the financiers, Morgan Stanley been requesting information on the number of daily active users
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The letter by the billionaire businessman, Elon Musk calling off his $44 billion deal with Twitter has surfaced.
In the letter, which was written by Musk’s legal team, Arps Slate, Magher & Flom LLP to the social media company’s legal officer, Vijaya Gadde, Musk accused the platform of failing to abide by its obligations to show the number of fake or spam accounts, Business Insider report says
Elon Musk accuses Twitter of breach of contract
According to the lawyers, the company has not complied with its obligations. For almost two months, the letter said, Musk has wanted the data and information required to make an independent assessment of the preponderance of fake or spam accounts on the microblogging platform.
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The legal team stated that the information was critical to Twitter’s business and financial performance and required to finalise the transactions outlined by the merger agreement because it is required to ensure the platform’s satisfaction with the conditions to closing, and to facilitate Musk’s financing and financial planning for the transaction and also engage in transition planning for the business.
Morgan Stanley on the heels of Musk's team
It also states:
"Twitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr Musk's requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr Musk incomplete or unusable information."
Musk's lawyers said he and advisers Morgan Stanley had been requesting "critical information" on Twitter's number of monetizable daily active users since May 9 but had not been given a response.
Twitter pockets $1 billion after Elon Musk says he Is not going ahead with deal
Legit.ng reported that a few hours after Legit.ng reported that Elon Musk’s Twitter deal is in serious jeopardy and that the billionaire may pull out, Musk informed the Securities and Exchange Commission that he is terminating the $44 billion deal.
Musk informed the platform on Friday, July 8, 2022, that he is terminating the deal, Forbes’ report said, citing an SEC filing. But the Twitter’s board Chairman said it is considering legal action in order to force the deal through.
The board chairman of Twitter tweeted that the company wants to see the deal through and plans to explore legal options to enforce the merger agreement.