Elon Musk provided further notice, today, Tuesday, To end his takeover of Twitter amounting to $44 billion, citing additional “undisclosed” reasons.
Twitter shares were down more than 1% before the market opened.
The latest filings come following former Twitter security chief Peter Zatko alleged earlier this month “egregious and egregious deficiencies” by the social media company, in terms of privacy, security and content stewardship, CNBC reported. Al Arabiya.net reviewed it.
On July 8, Musk’s legal team initially filed a notice with the US Securities and Exchange Commission to terminate the Twitter acquisition. Musk’s legal team alleged that “Twitter has not complied with its contractual obligations.”
The subsequent notice, which was revealed on Tuesday, cites Zatko’s allegations as additional grounds for termination of the deal.
In a letter to Twitter’s legal director, Mike Ringler, Musk’s legal representative, wrote: “Allegations regarding certain facts were known to Twitter prior to July 8, 2022, but were not disclosed to Musk before and at that time, and have since come to light that It provides additional and objective grounds for the termination of the merger agreement.
According to the termination notice, Ringer wrote: “Although the companies representing Elon Musk as a party to the transaction believe that this notice of termination is not legally necessary to terminate the Merger Agreement because they have already properly terminated it pursuant to the notice of termination on July 8, they are providing this additional termination notice. If the contract expires on July 8, the notice is determined to be invalid for any reason.”
