Posted on 07/08/2022 5:56:13 PM PDT by lasereye
Twitter stock was falling Friday night after Elon Musk said he is terminating his deal to buy the social media company, asserting that it breached terms of the agreement by refusing to provide detailed information about fake accounts on the site.
In a filing that came after the stock market had closed, Musk reported that his lawyers sent a letter to Twitter terminating the deal. In the text of the letter, Musk’s attorney asserted that Twitter had “not complied with its contractual obligation,” and that Musk was therefore ending the deal.
The original agreement includes a $1 billion breakup fee, but it remains to be seen whether Musk will fight paying it. Twitter said shortly after the news emerged that it will seek to enforce the merger agreement.
The letter to Twitter, signed by Skadden, Arps, Slate Meagher & Flom attorney Mike Ringler, Musk’s outside counsel for the transaction, focused specifically on Musk’s longstanding assertion that Twitter has a larger number of “false or spam accounts.”
n the letter, Ringler said that for nearly two months, Musk has been seeking data to make an independent assessment of the prevalence of spam accounts on the platform, information “fundamental to Twitter’s business and financial performance.”
And he alleged that “Twitter has failed or refused to provide this information. Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information.”
The letter goes on to claim that Twitter’s SEC filings contain false information on the issue.
“Mr. Musk has reason to believe that the true number of false or spam accounts is substantially higher than the amount of less than 5% represented by Twitter in its SEC filings,” Ringler wrote.
(Excerpt) Read more at barrons.com ...
Title should be “Elon Musk Withdraws Bid for Twitter. Get Ready for a Court Battle.” I don’t know that got in there.
Lol, I thought I was looking at some old library book’s call number. Had to click to investigate! 🧐
Best thread title evuh.
R2D2 lives!
Betcha Twitter blinks first. They will not want to disclose that will be required In discovery.
EDW.OBI_PC_SLS fc
No lawsuits will be allowed until after the midterms...
Now we all want to know what the WRONG TITLE WAS ??!
“The original agreement includes a $1 billion breakup fee, but it remains to be seen whether Musk will fight paying it.”
Why would Musk be paying?
It seems that Twitter is the one who has not fulfilled it’s contractual obligations.
It was EDW.OBI_PC_SLS fc. Something weird happened with auto fill.
Musk is exactly right otherwise Twitter would come forward and produce the numbers.
Elon Pulls out of Twitter.
“ Twitter said shortly after the news emerged that it will seek to enforce the merger agreement.”
First they fought it, now they want it.
Well, not providing Musk with proper info is one thing; lying to the SEC is quite another. I expect Twitters stock price will plunge on Monday. The SEC SHOULD announce an investigation. If they do not it will be correctly seen as putting politics ahead of shareholders.
Crying shame... I was looking forward to Musk’s ownership. I would have created an account if he fulfilled his promise to no longer allow it to be a liberal echo chamber.
The letter to Twitter, signed by Skadden, Arps, Slate Meagher & Flom attorney Mike Ringler, Musk’s outside counsel for the transaction, focused specifically on Musk’s longstanding assertion that Twitter has a larger number of “false or spam accounts.”
—
Exposing the fraud that is Twitter could destroy it. Ad revenue is based on users and if a large percentage of users are spam, and if Twitter knows this, they’re committing fraud.
You can bet your booties that Musk had this in mind from the beginning. His mind just calculates endlessly. He's like Merlin in Camelot.
(EDW.OBI_PC_SLS fc.)
Finally. Something I can totally agree with.
O cu my Jeep lied xxx off xxx JJ say off try sad uh off her IV BS try oh he yesterday usual hugged him off guess egg be try did try knitted rear iron ok ok knob hey Barry weeds Gabby no high high the try jail truck off far we go in cook gas was all he say go get think knock off has other UCMJ oh yay I’m poll itt fatty tested fatty Yahoo okay had was was cc reg tog KH fixes so Dre e chi cart for CT.
Start swiping the keyboard and you never know what you’ll get.....😆😜
Musk may be forced to buy Twitter. It all depends on how the contract is worded and what court has jurisdiction.
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