Deals
Twitter Lawyers Call Musk’s Deal Termination ‘Wrongful’
- Social network is expected to file suit against Musk this week
- Billionaire seeks to scrap $44 billion deal over bot dispute
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Twitter Inc.’s lawyers called Elon Musk’s termination of his $44 billion buyout agreement “invalid and wrongful” in a letter to the billionaire’s attorneys, a preliminary step by the social network in the looming legal battle over the deal.
Twitter lawyer William Savitt, of Wachtell, Lipton, Rosen & Katz, wrote to Musk’s lawyers at Skadden Arps Slate Meagher & Flom LLP, saying that backing out of the deal “constitutes a repudiation of their obligations under the agreement,” according to a copy of the July 10 letter filed with the Securities and Exchange Commission. Musk agreed to buy Twitter for $54.20 per share in late April.