Elon Musk’s attorneys notified Twitter, Inc. on Friday that he is exercising his right to terminate the massive acquisition deal, saying that Twitter is multiply in breach of the merger agreement over, among many items, failure to produce information repeatedly requested.
In the letter Musk’s attorneys say the board has refused to provide data that has been requested, or provided the data only with “Strings attached.” I think we can read between the lines that he has seen behind the curtain and Twitter is preventing him from addressing it publicly.
TMZ writes:
CNBC reports Musk’s lawyer sent a letter on his behalf Friday, claiming the social media company “has not complied with its contractual obligations.”
According to Elon’s side … Twitter allegedly didn’t hand over business information that the Tesla CEO had requested, unclear specifically what he was looking for, but he’s spoken in the past about wanting to look into the company’s claims about spam accounts before a deal could be reached.
The chair of the current board tweeted that they are going to pursue legal action.
The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.
— Bret Taylor (@btaylor) July 8, 2022
UPDATE 1: The letter is here.
THIS IS A DEVELOPING STORY AND MAY BE UPDATED.