, accusing the company of breaching its contract including by “dramatically understating the proportion of spam and false accounts.”
Twitter’s stock plummeted 11.4% Monday to $32.65 per share after the disclosure that Musk wants to walk away from the deal. Musk’s original offer for Twitter was $54.20/share. “Contrary to the assertions in your letter, Twitter has breached none of its obligations under the Agreement, and Twitter has not suffered and is not likely to suffer a Company Material Adverse Effect,” Savitt’s letter said. “The purported termination is invalid for the independent reason that Mr. Musk and the other Musk Parties have knowingly, intentionally, willfully, and materially breached the Agreement” and “Twitter demands that Mr.
Source: News Formal (newsformal.com)
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