As part of a regulatory filing submitted before the US SEC and addressed to Twitter’s legal head Vijaya Gadde, Musk’s legal representative accuses the social media platform of giving “incomplete or unusable information” and that “Twitter has not complied with its contractual obligations.” But it appears that Twitter won’t let Musk back out of the deal, at least not without taking the matter to the court.
Bret Taylor, the chairperson of the Twitter board, tweeted that the company will take all measures to ensure that the deal is closed on the original terms agreed between both parties. And if that doesn’t happen, a court battle is on the horizon. Taylor wrote that the company “plans to pursue legal action to enforce the merger agreement.” It must be noted that the original agreement comes with a $1 billion fine stipulation for the party that reneges on the deal.
However, Musk pulling out of the deal is not unexpected. Experts have been warning for months that his public attacks on the company and its executive were a ploy to undervalue the deal’s final terms or fully back out of it. It now remains to be seen whether Musk’s arguments will prevail in the Delaware Court of Chancery, or if Twitter takes home the $1 billion fees and gets to live without the mercurial billionaire at its helm.
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