According to a report from Bloomberg published Sunday, Twitter has hired Wachtell, Lipton, Rosen & Katz — big names in business merger law — to execute Musk’s original agreement to purchase the social media platform for $44 billion.
Musk has hired Quinn Emanuel Urquhart & Sullivan LLP, the same company that has represented him at least twice before — once in a 2019 defamation case, which he won, and also in a still continuing suit stemming from his 2018 effort to make Tesla, Inc. private.
The Tesla CEO informed Twitter through his attorneys on Friday that he was not prepared to go through with the deal as originally declared, stating that even though he had repeatedly asked Twitter to verify how many of the platform’s accounts were fake/”bot” accounts, the social media goliath had failed to do so.
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“Mr. Musk and his financial advisors at Morgan Stanley have been requesting critical information from Twitter as far back as May 9, 2022—and repeatedly since then—on the relationship between Twitter’s disclosed mDAU figures and the prevalence of false or spam accounts on the platform,” the letter announced, continuing, “Notwithstanding these repeated requests over the past two months, Twitter has still failed to provide much of the data and information responsive to Mr. Musk’s repeated requests.”
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The original agreement added a $1 billion “break-up” fee if anyone were to back out of the contract — yet Twitter is pushing back and intends to hold Musk accountable for the whole $44 billion.
Bret Taylor, the chair of Twitter’s board, tweeted, “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.”
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Delaware’s chancery court is deemed the best of the best when it comes to dealing with business law and routinely handles merger disputes.
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In a regulatory filing after the official market closed Friday, Musk announced plans to walk away from his $54.20-a-share offer to purchase Twitter, claiming that the company misrepresented user data. Twitter Chairman Bret Taylor replied by pledging to enforce the deal in what promises to be an arduous court brawl.
Twitter shares closed 5.1% lower at $36.81 in official trading, and dropped another 4.8% to roughly $35 in post-market activity.
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