Elon Musk officially wrote a letter to Twitter asking it to stop the $44 billion merger deal.
Lawyers working with the SpaceX billionaire have filed a Schedule 13D filing with the Securities and Exchange Commission (SEC) in Washington.
The document basically confirms that the richest person in the world (who is named in the document) has notified Twitter that he wants to terminate the contract.
“On August 29, 2022, the reporter’s attorney confirmed that the reporter entered into a merger agreement (the “merger agreement”),” the filing says.
Musk has long argued that Twitter is overwhelmed by the number of spambots on its platform.
The company is currently facing a legal battle to determine whether it will be forced to buy the social network based on the original offer.
According to court documents from yesterday, Musk’s team subpoenaed Twitter whistleblower Peter Zacco seeking information on how Twitter measures spam accounts.
This includes documents and communications about the company’s spam and alleged security vulnerabilities, as well as the company’s compliance with the 2011 Federal Trade Commission Settlement and “Twitter’s involvement in illegal activity.”
That could give a big boost to Musk’s claims that they didn’t get it and allow him to back out of the deal.
A lawyer for Twitter told a court hearing last week that Musk’s focus on spam as a way to get out of a deal to buy the company was “legally inappropriate.”
Both sides have sued each other and a five-day trial is scheduled for October 17.
Musk wants to cancel the deal, but Twitter wants a court order to buy the company for the agreed $54.20 per share.
Source: Metro
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