Twitter said on Monday that payments to a whistleblower as part of a proposed $44 billion takeover by Elon Musk did not violate any of its obligations, after the billionaire sent a third letter to attempt to scrap the deal.
According to a Securities and Exchange Commission filing, the social media giant said it intends to enforce the agreement and close the transaction at the price and terms agreed with Musk.
Twitter shareholders will vote Tuesday to approve or reject Musk’s takeover bid.
Twitter’s board of directors first to plead strongly its shareholders to approve the sale of the company to Musk.
Former head of Twitter cyber security files complaint about platform’s ‘extreme’ security flaws
August 23, 202201:17
On Friday, Musk’s legal team sent a letter to Twitter explaining yet another reason for canceling the proposed acquisition. Musk’s team alleges that Twitter paid whistleblower Peter “Muge” Zatko several million dollars in violation of the terms of the deal.
Zatco last month accused the social media company of “extreme, serious deficiencies” related to privacy, security and content moderation.
Tesla The CEO’s legal team first filed a notice with the SEC on July 8 to terminate the Twitter acquisition, alleging that “Twitter has not complied with its contractual obligations.”
A follow-up letter on 29 August cited allegations made by Jatco as to why the deal should not go ahead.
In Friday’s letter, Musk’s legal team said an alleged $7.75 million severance payment from Twitter to Zatco is another breach of the acquisition agreement.
Twitter said it had not violated any of its obligations.
The social media giant’s legal team wrote, “As were the alleged termination notices in both your July 8, 2022 and August 29, 2022 case, the alleged termination set out in your September 9, 2022 letter is invalid and incorrect.” Musk’s representatives.
“Twitter has not breached any of its representations or obligations under the Agreement, and upon receipt of the approval of Twitter’s shareholders at its special meeting of September 13, 2022, all conditions prior to the conclusion of the merger shall be fulfilled.”
shortly after, Musk started complaining The number of fake or spam accounts on social media platforms is more than what is being told.
Twitter and Musk will go on trial in Delaware on October 17 to resolve Musk’s attempt to scrap the company’s acquisition unless they reach an agreement first.
musk will be allowed To incorporate the allegations made by Jatco in his counter suit.
The matter is complicated by Tuesday’s Twitter shareholder vote that could have given the green light to the acquisition, but the court case still hangs over the deal.
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