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Twitter Hires Top Legal Firm To Sue Musk.
Twitter is contemplating legal action against Elon Musk, CEO of Tesla and SpaceX, over his decision to terminate a $44 billion takeover deal.
He has hired a large New York-based law firm Wachtell, Lipton, Rosen & Katz LLP, as it prepares to sue Musk. Twitter will file its lawsuit in Delaware next week. Meanwhile, the law firm Quinn Emanuel Urquhart & Sullivan represents Musk.
Musk announced the termination of a $44 billion Twitter purchase deal in a letter sent by Musk's team to Twitter earlier on Saturday. Musk decided to suspend the deal due to multiple breaches of the purchase agreement.
Musk's team strongly believes that the proportion of spam and fake accounts is "wildly higher" than 5%, according to the letter.
"As further described below, Mr Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement," the letter said on Friday."
"In short, Twitter has not provided information that Mr Musk has requested for nearly 2 months notwithstanding his repeated, detailed clarifications intended to simplify Twitter'sTwitter's identification, collection, and disclosure of the most relevant information sought in MrMusk'sMusk's original requests."
Elon Musk put the deal on hold in May to allow his team to review the veracity of Twitter'sTwitter's claim that less than 5% of accounts on the platform are bots or spam. Back in June, Musk had openly accused Twitter of breaching the merger agreement and threatened to walk away and call off the acquisition of thea Twitter for not providing the data he has requested on spam and fake accounts.
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