Twitter hires top legal firm to sue Elon Musk for ending USD 44 billion deal

Twitter is contemplating legal action against Tesla and SpaceX CEO Elon Musk over his decision to terminate a USD 44 billion takeover dealAs per The Hill the microblogging site has hired a large New Yorkbased law firm Wachtell Lipton Rosen amp Katz LLP as it prepares to sue MuskTwitter will file its lawsuit in Delaware next week Meanwhile Musk is being represented by the law firm Quinn Emanuel Urquhart amp SullivanAlso read Elon Musk says he is terminating USD 44 billion deal for TwitterOn Saturday Bret Taylor Twitters chairman said The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr Musk and plans to pursue legal action to enforce the merger agreement We are confident we will prevail in the Delaware Court of ChanceryMusk announced the termination of a USD 44 billion Twitter purchase deal in a letter sent by Musks team to Twitter earlier on SaturdayMusk decided to suspend the deal due to multiple breaches of the purchase agreementThe Tesla CEOs team strongly believes that the proportion of spam and fake accounts is wildly higher than 5 per cent according to the letterAs 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 two months notwithstanding his repeated detailed clarifications intended to simplify Twitters identification collection and disclosure of the most relevant information sought in Mr Musks original requestsIn April Musk reached an acquisition agreement with Twitter at USD 5420 per share in a transaction valued at approximately 44 billion However Musk put the deal on hold in May to allow his team to review the veracity of Twitters claim that less than 537 of accounts on the platform are bots or spamBack in June Musk had openly accused the microblogging website of breaching the merger agreement and threatened to walk away and call off the acquisition of the social media company for not providing the data he has requested on spam and fake accountsMusk alleged that Twitter is actively resisting and thwarting his information rights as outlined by the deal CNN reported citing the letter he sent to Twitters head of legal policy and trust Vijaya GaddeMusk demanded that Twitter turn over information about its testing methodologies to support its claims that bots and fake accounts constitute less than 5 per cent of the platforms active user base a figure the company has consistently stated for years in boilerplate public disclosuresThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever