Twitter considers Musk's withdrawal from the platform purchase "null and unjustified"

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From the source

In a letter sent to Elon Musk on Monday, Twitter considered the billionaire's withdrawal from a $44 billion deal to buy the social media platform "null and unjustified", stressing that it complied with everything stipulated in the agreement between the two parties in April.

While Musk accuses Twitter of not complying with the terms of the agreement, especially not providing him with all the data related to the fake accounts on the platform.

In an official letter sent to Musk and his legal representatives and published on the website of the US Capital Markets Authority, Twitter said that, based on the foregoing, it requires the owner of Tesla and SpaceX to fulfill its obligations under the agreement.

Twitter shares fall 

And Monday, in the first trading session on the New York Stock Exchange after Musk’s decision to withdraw from the deal, Twitter’s stock closed at a loss of 11.3% to settle at $32.65 per share, 40% less than the price that Musk offered to buy the company in mid-April.

Justifying his decision to withdraw from the deal, Musk said in an official letter to Twitter that the latter had not fulfilled its obligations under the agreement.

He explained that the company did not provide him with all the data related to fake accounts and spam on the platform, accusing it of underestimating the volume of these accounts and emails.

Musk also accused Twitter of violating the agreement between it and him by recently issuing a number of decisions, including the hiring freeze, in contravention of its obligation under the agreement to continue working normally.

But Twitter's defense agents responded to Musk's book with the same, stressing in their letter that all the accusations made by the billionaire against the company are unfounded.

In their reply letter, Musk's lawyers said, "Contrary to what was stated in your letter, Twitter did not violate any of the obligations under the agreement."

Twitter, in particular, confirmed that it had provided Musk with all the data he requested of it regarding the number of fake accounts, stressing that the number of these accounts is less than 5% of the total accounts registered on the platform, but the billionaire asserts that the real number of these fake accounts is much greater.

For many legal experts, Musk's reasons for his decision to withdraw from the deal are not legally sufficient to break the contract.

Based on these official correspondence between Twitter and Musk, the two parties are facing a legal battle that the South African billionaire will pay, if he eventually loses, billions of dollars in compensation to the social networking site.

Earlier on Monday, Musk posted on his Twitter account, a tweet that constituted his first public comment on his decision to withdraw from the deal.

And the tweet that Musk published is about four pictures of him, all of which seemed to be laughing, and next to each of them he wrote a different sentence.

Next to the first picture, Musk wrote, "They said I couldn't buy Twitter," while he wrote next to the second, "Then they refused to disclose data about the fake accounts."

He writes next to the third, "Now they want to force me in court to buy Twitter," before concluding his comment on the fourth photo by saying, "Now, they have to disclose in court the data related to the fake accounts."

The billionaire followed his tweet with a picture of actor Chuck Norris winning a chess match, and commented on it by saying "Chuck dead", using the actor's name to distort the phrase "Chick Dead", which is used in chess to denote the defeat of the opponent.

pic.twitter.com/JcLMee61wj

— Elon Musk (@elonmusk) July 11, 2022

Chuckmate

— Elon Musk (@elonmusk) July 11, 2022

Commenting on the pending legal battle between the two parties, the credit rating agency, "S&P", said that regardless of the outcome of this battle, this matter "increases the uncertainty and reputational risk" for Twitter.

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