WASHINGTON (Pakistan Point News / Sputnik - 12th July, 2022) The pullout of entrepreneur Elon Musk from his planned $44 billion purchase of Twitter is "invalid," the social media company said in a letter filed with the US Securities and Exchange Commission.
"Mr. Musk's and the other Musk Parties' purported termination is invalid and wrongful, and it constitutes a repudiation of their obligations under the Agreement. Contrary to the assertions in your letter, Twitter has breached none of its obligations under the Agreement, and Twitter has not suffered and is not likely to suffer a Company Material Adverse Effect," the letter said on Monday.
On Saturday, Musk announced the termination of the $44 billion Twitter purchase deal in a letter sent to the company. Musk decided to suspend the deal due to multiple breaches of the purchase agreement, including an alleged inability by Twitter to provide the information needed to complete a comprehensive analysis of spam and fake accounts. Musk's team strongly believes that the proportion of spam and fake accounts is "wildly higher" than the 5% the company reported, according to the letter.
Twitter reserves the right to enforce Musk's contractual obligations, the company's letter added.
Twitter will file a lawsuit against Musk to force him to buy the social media company on the agreed terms, according to the company's board of Directors Chair Bret Taylor.�
