Elon Musk may be faced sued by Twitter, says he can't trash the company

NEW YORK - July 13, 2022 - PRLog -- Elon Musk called off his deal to buy social media company Twitter on Friday, according to a filing with the Securities and Exchange Commission. Musk had agreed to acquire Twitter for about $20 billion in cash and stock in June.

Mike Ringler, a partner at Skadden Arps, wrote to Twitter's chief legal officer on Tuesday that the company has not complied with its contractual obligations to respond to requests for information about fake or spam accounts.

The stock closed down 11.3% Monday, the end of the day it closed at  $32.65.

As for Twitter, this fiasco is a nightmare scenario and will result in an Everest-like uphill climb for (Twitter CEO Parag Agrawal)  & Co. as the company navigating the myriad of challenges ahead around employee turnover/morale, advertising headwinds, and investor credibility around the fake account/bot issues, they need to address several key areas.

as the company navigates the myriad of challenges ahead around employee turnover/morale, advertising headwinds, and investor credibility around the fake account/bot issues, they need to address several key areas.

In a letter sent on behalf of the company by law firm Wachtell, Lipton, Rosen & Katz, Twitter says Musk's argument for termination is "invalid and wrongful." The company is demanding Musk use his "best efforts" to complete the deal and reserves the right to force Musk to comply with the agreement.

The letter says the Agreement is not terminated, and that Twitter will continue to provide information reasonably requested by Musk under the Agreement and diligently take all measures required to close the transaction.

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