Social network Twitter crossed out this Tuesday. Tycoon’s new venture is “invalid and illegal” elon musk cancel the takeover of the company, after citing some complaints from the former Twitter security chief to add to the list of reasons to cancel the purchase.
In a letter sent to Musk’s lawyers on Tuesday and disclosed to the Securities and Exchange Commission, Twitter insisted it plans to force Musk to continue buying. As CNN found out.
As such, the company responded to a letter from Monday that pointed to alleged bad practices on the social network by Musk’s legal team that would confirm that the company violated the terms of the acquisition agreement. beginning of last julydecided to cancel the $44,000 million (44,124 million euro) acquisition of the multinational company.
The accusations of Twitter’s former security director, published by ‘The Washington Post’, Failure of the multinational company to comply with its obligations regarding data privacy and consumer protection regulations, as well as the vulnerability of the social network to failures and malicious attacks in data centers.
“If these allegations are true, Show that Twitter violates the terms of the Merger Agreementn gives Musk the right to terminate in accordance with its terms.”
In early July, Musk Twitter, which abandoned the social network’s purchase agreement when it did not receive a response from the company when asking for information about the number of fake accounts. found on the platform and the company’s way of controlling and suspending them.
Just now, in mid-May, the businessman had already made up his mind. temporarily suspend Twitter purchasing, The deal was settled for approximately $44,000 million at the end of last April, with details awaited to support the company’s calculation that miscalculations represent less than five percent of users.
In late July, Delaware Chancery Court Judge Jude McCormick, The lawsuit for the annulment of Elon Musk’s decision to buy Twitter will be held next October.
On your side, Twitter He called for a vote next September 13 to have shareholders approve the original deal on the sale of the company originally agreed with Elon Musk.
excitement Recorded a loss of $270 million in the second quarter of 2022Compared to net profit of $65 million recorded in the same period of 2021, its revenue between April and June totaled $1,176.6 million, or 1.1% less, something the company has in part “attributed to uncertainty about the pending acquisition” Twitter, a subsidiary of Elon Musk by.”