The dispute between Tesla CEO Elon Musk and Twitter is taking many twists and turns.
According to new reports, Elon Musk recently, but before he pulled out of the deal, sent a text message to Twitter CEO Parag Agrawal on June 28, informing him that the company’s lawyers were trying to “cause trouble” after seeking information. about the financial details that Musk was planning to complete the Twitter acquisition.
“Your lawyers are using these conversations to cause trouble. That has to stop,” Musk’s text is said to have read. Musk sent the specific message after Twitter asked Musk how he would fund the Twitter deal.
A few days ago, Twitter sued Musk after he decided to pull out of the $44 billion acquisition deal.
According to The Verge, the lawsuit was filed Tuesday in the Delaware’s Court of Chancery, accusing Musk of hypocrisy. of the few outstanding terms,” Twitter wrote in the lawsuit. The lawsuit marks the beginning of what could be a lengthy legal battle as Twitter wants Musk to stick to his deal to pay $54.20 a share for the company. Twitter , which is represented by M&A law firm Wachtell, Lipton, Rosen & Katz, alleged that Musk was seeking an escape from the deal, which required a “material adverse effect” or breach of contract.
Musk had to try and conjure one,” according to the lawsuit. Musk announced the termination of the Twitter purchase agreement in a letter that Musk’s team sent to Twitter earlier this month.
Musk decided to suspend the deal due to multiple violations of the purchase agreement. In April, Musk reached an acquisition deal with Twitter for $54.20 per share in a transaction worth approximately $44 billion. However, Musk put the deal on hold in May to allow his team to assess the truth of Twitter’s claim that less than 5 percent of accounts on the platform are bots or spam.
In June, Musk had openly accused the microblogging website of violating the merger agreement and threatening to walk away and cancel the takeover of the social media company for failing to provide the spam and fake account data he requested. Musk claimed that Twitter is “actively opposing and thwarting its information rights” as set forth in the deal, CNN reported, citing the letter he sent to Twitter’s head of legal affairs, policy and trust, Vijaya Gadde.
Musk demanded that Twitter pass information about its testing methodologies to support its claims that bots and fake accounts make up less than 5 percent of the platform’s active user base, a figure the company has consistently quoted in standard publications for years.