The company plans to file a lawsuit against Musk this week to force him to complete the deal.
Twitter Inc hit back yesterday, accusing Elon Musk of “deliberately” breaking the deal to acquire the social networking platform.
In a letter to Musk dated Sunday and filed with regulatory authorities, Twitter said it had not breached its obligations under the acquisition agreement, as Musk hinted on Friday in seeking to terminate the deal.
“Twitter requires Mr. Musk, as well as other partners, to comply with their obligations under the agreement, including their obligations to make every effort to complete the transactions resulting from the agreement” it states in the same letter.
The company plans to file a lawsuit against Musk to force him to complete the deal.
Musk yesterday mocked the company’s intentions in a series of tweets.
Twitter plans to file a lawsuit this week in Delaware, sources familiar with the matter told Reuters.
The company stated in the same letter that the acquisition agreement remains in effect adding that he will take steps to implement it.
Twitter’s share price plunged -11.3% to $32.65 (€32.58), down 40% from the price of $54.20 (€54.09) in Musk’s takeover offer.
This is the largest daily drop in the price of the company’s shares in a period of more than 14 months.
The share price subsequently recovered by less than 1%.
Tesla’s stock price fell by about 7%.
Twitter stock sales generated $148 million in profits, while Tesla stock sales (S3 Partners) generated $1.3 billion in profits.
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