Twitter says Elon Musk’s abandonment of his plan to buy the platform for $44 billion is “invalid and unjustified” and claims to have fulfilled all obligations under the agreement reached in April.
The social network therefore demands that the multi-billionaire, who for his part accuses Twitter of not responding to the terms of the agreement, in particular by not transmitting all the information on the false accounts, to keep his commitment, according to a letter addressed to Elon Musk and his representatives and published on the site of the American authority of the financial markets.
Musk backtracks
Elon Musk, the boss of Tesla and SpaceX, told Twitter on Friday that he was ending the agreement reached with the board of directors to buy the social network because of “false and misleading” information about the company. .
Twitter has repeatedly said in recent weeks that the number of fake accounts on its platform is less than 5%. The multi-billionaire and his team believe that the network is lying, and that this affects the viability of his business, and therefore the value of the company.
For weeks, experts have debated whether Elon Musk was looking to withdraw his offer or renegotiate the price lower. By ending his commitment to buy Twitter, the businessman exposes himself to substantial legal proceedings.
Both parties have pledged to pay severance pay of up to $1 billion in certain circumstances. On April 25, he seemed to have won his bet, despite Twitter’s attempts to push him away. He made a definitive agreement with the group’s board of directors to buy the social network at a price of 54.20 dollars per share, or 44 billion dollars in all. Since then, the title of Twitter has lost more than a quarter of its value. Tesla’s stock also tumbled nearly 25% over that time.