Monday, July 25, 2022
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Twitter Hires Wachtel To Sue Elon Musk

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In April, Musk reached a $44 billion deal to take over Twitter however has now withdrawn from the transaction. 

In a press release to the US Securities and Alternate Fee (SEC), representatives for Musk claimed Twitter had breached the phrases of the settlement and “seems to have made false and deceptive representations.”

They stated Twitter additionally failed to supply data requested by Musk to allow him to “make an unbiased evaluation of the prevalence of faux or spam accounts” on the platform.

“Typically Twitter has ignored Mr. Musk’s requests, generally it has rejected them for causes that look like unjustified, and generally it has claimed to conform whereas giving Mr. Musk incomplete or unusable data,” the assertion learn.

After Musk’s withdrawal from the deal, shares of Twitter dropped by 7% in prolonged buying and selling.

The phrases of the deal require Musk to pay a $1 billion payment if he fails to finish the transaction. Nevertheless, Twitter’s board is about to take authorized motion in opposition to Musk as an alternative of accepting the $1 billion payment. 





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