Elon Musk Gives Reasons For Terminating Twitter Deal
Twitter has shared a letter it received from Elon Musk’s legal team indicating displeasure with the company’s offered information regarding the level of “spam and fake accounts” on its service.Jamb Result
In a fresh SEC filing on Friday July 8, Elon Musk’s lawyer wrote a letter to Twitter’s Chief Legal Officer, Vijaya Gadde.
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The letter reads, “MR. MUSK IS TERMINATING THE MERGER AGREEMENT BECAUSE TWITTER IS IN MATERIAL BREACH OF MULTIPLE PROVISIONS OF THAT AGREEMENT, APPEARS TO HAVE MADE FALSE AND MISLEADING REPRESENTATIONS UPON WHICH MR. MUSK RELIED WHEN ENTERING INTO THE MERGER AGREEMENT, AND IS LIKELY TO SUFFER A COMPANY MATERIAL ADVERSE EFFECT.”Jamb Result
Musk repeatedly claimed that Twitter is likely misleading investors and users about the number of automated accounts on its platform, which the company has long estimated to be under 5 percent.
(GISTLOVER)
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