Twitter takeover terminated: Elon Musk quotes former security chief in new email

Elon Musk is in good shape this week. Having spoken out about the maintenance of nuclear power plants and the global demographic decline, the multibillionaire parallels the ongoing legal battle that pits him against Twitter, after abandoning his plan to take over the social network, which was originally announced. July.

Elon Musk, in a new tweet, cited allegations made by the company’s former security chief, Peter Zatko, to justify the rejection.

“Allegations of certain facts known to Twitter before or on July 8, 2022, but not disclosed to parties representing Musk on or before that date, have since surfaced and provide additional and clear reasons for terminating the takeover agreement,” Mike wrote. Ringler. , one of Mr. Musk’s lawyers, in a letter to Twitter’s chief legal officer dated Monday and released Tuesday by the U.S. Securities and Exchange Commission.

In early July, Mr. Musk announced that he was violating a takeover agreement with Twitter’s board of directors, accusing the company of failing to honor its obligations by failing to report the exact number of fake accounts and spam.

The decision prompted Twitter to sue the billionaire entrepreneur to force him to comply with the terms of the agreement. The trial, which is supposed to last 5 days, will begin on October 17 in a specialized court in Delaware.

Mr. Musk’s legal team asked Mr. Zatko to provide documents and testify in this proceeding, and the former Twitter employee’s lawyers accepted the request.

Wedbush Securities’ Dan Ives said Mr. Zatko’s allegations, weeks away from trial, are potentially “a huge victory for Musk that could complicate the Twitter case.”

According to the analyst, this development is likely to push the two sides to negotiate and find a compromise before October 17, which could take the form of a takeover of Twitter by Mr. Musk at a revised downward price.

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