Elon Musk Twitter Deal Is “Not Terminated,” Tech Firm’s Lawyer Insists

Elon Musk Twitter Deal Is “Not Terminated,” Tech Firm’s Lawyer Insists

UPDATED with Twitter lawyers’ letter, closing stock price. Lawyers for Twitter called Elon Musk’s planned termination of his $44 billion

takeover of the social media firm “invalid and wrongful” in a letter disclosed to the SEC after the close of today’s trading.

William Savitt of the law firm Wachtell, Lipton, Rosen & Katz asserted that Twitter had lived up to its end of the bargain

Since the surprise acquisition was finalized last April, it has descended into a legal morass, with expectations for a protracted battle to come.

The withdrawal by Musk and his backers is “invalid and wrongful, and it constitutes a repudiation of their obligations under the agreement,” Savitt wrote

Countering Musk’s attorneys’ claims in their own letter last Friday as the deal crumbled

 he added, “Twitter has breached none of its obligations under the agreement.”

He added that Musk and his deal partners “have knowingly, intentionally, willfully, and materially breached the agreement.”

The deal has not been called off, Savitt continued, citing bank debt and equity commitments, and therefore 

 “Twitter demands that Mr. Musk and the other Musk parties comply with their obligations under the agreement.”

As it has done, Twitter will continue to provide information reasonably requested by Mr. Musk under the Agreement

 and to diligently take all measures required to close the transaction.

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