Twitter is taking legal action against Tesla and SpaceX CEO Elon Musk because of his decision to cancel a $44 billion takeover deal.
According to The Hill,” the microblogging site has employed a prominent New York-based law firm Wachtell, Lipton, Rosen & Katz LLP while preparing to prosecute Musk.
Twitter is about to file its lawsuit in Delaware next week. Meanwhile, Musk is being supported by the law firm Quinn Emanuel Urquhart & Sullivan.
On Saturday, Bret Taylor, Twitter’s chairman, announced, “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 Chancery.”
Musk declared the termination of the $44 billion Twitter possession deal in a letter sent by Musk’s team to Twitter earlier on Saturday.
“As 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 Musk has requested for nearly two months notwithstanding his repeated, detailed clarifications intended to simplify Twitter’s identification, collection, and disclosure of the most relevant information sought in Musk’s original requests.”
