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Source: http://www.mashable.com
Mashable: Musk's legal team gave Twitter a third notice to cancel the acquisition deal on Friday.
Twitter claimed in a letter to the Securities and Exchange Commission (SEC) on Monday that Elon Musk's third effort to terminate his $44 billion purchase deal is "invalid and wrongful."
As per reports, Musk's legal team gave Twitter a third notice to cancel the acquisition deal on Friday. Twitter whistleblower and ex-security head Peiter Zatko received a reported $7.75 million severance package, which Musk's attorneys alleged in the letter violated the agreement.
Twitter wrote to the SEC that the Musk parties' "third purported termination" was invalid because "Mr. Musk and the other Musk Parties continue to knowingly, intentionally, willfully, and materially breach the Agreement," despite the fact that the first two purported terminations were invalid because of the same thing.
According to Twitter's statement, it will keep pressuring Musk to complete the transaction at the initial price. Twitter has written many letters to the SEC and other regulatory bodies in an effort to thwart Musk's efforts to back out of the acquisition agreement. On July 8, Musk's legal team claimed that Twitter had violated "its contractual commitments" and voiced worries about the proliferation of automated accounts on the site.
Musk has already stated that Zatko's revelations, which Twitter claims are "riddled with inaccuracies," provide him with another justification for terminating the agreement. Although he has accused Twitter of "lying" about the number of bots it employs, former head of cybersecurity "Mudge" has mostly focused his criticisms on Twitter's security. Twitter's legal team denied last week that its top security officer "had anything to do with spam," and accused Zatko of "parroting" Musk's claims.
Last Monday, the court in Delaware stated that Musk may add Zatko's charges to his countersuit if he wanted to. The trial is due to go for five days starting in October, but the judge refused the billionaire's plea to postpone it. While experts have stated the accusation from the whistleblower is unlikely to change the case, it may push Twitter to settle with Musk for a cheaper amount.