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Twitter says Musk’s request to terminate the deal is invalid

Elon Musk, throughout an occasion at SpaceX headquarters in Hawthorne, California, U.S., on Thursday, Oct. 10, 2019.

Bloomberg /Getty

Twitter stated Monday in a letter that Elon Musk’s bid to terminate his proposed $44 billion acquisition of the social media firm is “invalid and wrongful.”

The letter, addressed to Musk’s attorneys, adopted the Tesla CEO’s declaration on Friday that he plans to scrap the deal over allegations that Twitter undercounts the variety of spam accounts on its service, amongst different causes.

Musk’s attorneys claimed in Friday’s letter that Twitter breached its obligations associated to the acquisition by allegedly failing to supply Musk with the knowledge essential to calculate the variety of spam accounts on the service.

Nonetheless, Twitter legal professional William Savitt of the regulation agency Wachtell, Lipton, Rosen & Katz wrote in Monday’s letter that “Twitter has breached none of its obligations below the Settlement.”

Savitt stated Twitter the settlement stays in impact.

“Because it has finished, Twitter will proceed to supply info moderately requested by Mr. Musk below the Settlement and to diligently take all measures required to shut the transaction,” he wrote.

Savitt added that “Twitter reserves all contractual, authorized, and different rights, together with its proper to particularly implement the Musk Events’ obligations below the Settlement.”

Attorneys advising Musk on this deal and associated issues didn’t instantly reply to a request for remark. A Twitter consultant declined to remark past the submitting.

Twitter shares plunged 11% on Monday to $32.65. They’re now buying and selling 40% beneath the worth of $54.20 that Musk agreed to pay in April, and have dropped about 33% for the reason that deal was introduced.

WATCH: Elon Musk backs out of Twitter deal

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