Twitter denies not respecting its contractual obligations with Elon Musk

Published on : 12/07/2022 – 00:58

Twitter plans to launch legal proceedings against billionaire Elon Musk to force him to finalize the takeover operation he canceled on Friday. On Monday, the social network said it had nothing to be ashamed of.

Twitter reacted Monday, July 11 to accusations by Elon Musk, according to which the American social network would not have respected its contractual obligations within the framework of its billionaire buyoutaccusing on the contrary the latter of having voluntarily violated the conditions of the contract.

Elon Musk announced on Friday that it was terminating the $44 billion takeover agreement with Twitter, accusing the group of having breached its contractual obligations by providing in particular erroneous or incomplete data on the number of fake accounts.

In a letter sent to the Tesla boss, dated Sunday and forwarded to US regulators on Monday, Twitter denied breaching its contractual obligations under the takeover deal.

Judiciary process

The social network plans to launch legal proceedings against Elon Musk in order to force him to finalize the operation, a threat which the businessman made fun of on Monday. According to people familiar with the matter, Twitter is expected to file a lawsuit in a Delaware state court this week.

The group said in the letter that the takeover agreement remains in place, adding that it intends to take steps to complete the transaction.

On the stock market, the title Twitter fell 11.3% on Monday to settle at 32.65 dollars at the close on Wall Street, its largest percentage drop in more than 14 months. It rebounded around 1% in post-close trading.

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