In a letter prepared this weekend by Twitter’s legal representatives and published Monday, the company said the move to terminate Elon Musk’s $44 billion Twitter purchase was “invalid and unfair.”
The company that commissioned the Watchell, Lipton, Rosen & Katz law firm states that it has not breached any of its obligations under the agreement.
The letter is in response to reports on Friday evening that Musk intends to terminate the $44 billion purchase over allegedly too many spam and fake accounts on the platform.
“We Will Respond to All Reasonable Requests by Elon Musk”
William Savitt, who wrote the letter on behalf of Twitter, states that Twitter will “continue to provide the information reasonably requested by Musk under the agreement and diligently take all necessary measures to complete the purchase.”
As it is known, Elon Musk claimed that the real number of users of the social media platform may actually be much less, arguing that there are many spam and bot accounts on Twitter.
However, Twitter management reported that 1 million fake accounts are deleted by them every day.
Elon Musk said that the Twitter administration did not give him clear information on the number of spam and bot accounts, and therefore he wanted to withdraw from the agreement. It is thought that even if the billionaire businessman withdraws from the deal, he will have to pay a penalty of at least 1 billion dollars.
Musk’s purchase cryptocurrency exchange Binance also invested $ 500 million.
*Not investment advice.