Twitter denies not respecting its contractual obligations with Musk

Twitter denies not respecting its contractual obligations with Musk

(Reuters) – Twitter reacted on Monday to accusations by Elon Musk that the American social network would not have respected its contractual obligations in the context of its takeover by the billionaire, accusing on the contrary the latter of having voluntarily violated the terms 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.

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.

(Report Tom Hals; Medha Singh, Akash Sriram and Chavi Mehta; French version Jean Terzian)


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