TWITTER HIRES TOP LAW FIRM TO SUE ELON MUSK FOR PULLING OUT OF $44 BILLION DEAL

Mon 11 July 2022:

Following Musk’s withdrawal from the $44 billion takeover agreement, the dispute between Tesla CEO Elon Musk and social networking site Twitter appears to be headed for a judicial battle. The takeover agreement had been in the works for a while, but Musk decided against it because of the large number of fake users.

Musk said that the percentage of total fake users on Twitter is close to 20%, despite Twitter reporting a figure of less than 5%. Since then, Twitter has vowed to sue Musk, and as a result, they have retained the American law firm Wachtell, Lipton, Rosen & Katz LLP.

After Musk said that the deal was terminated in the latest SEC filing citing a lack of proof when it comes to the number of fake users on Twitter, the company’s Bret Taylor threatened to sue him. In his tweet, he also said that they may file a lawsuit in Delaware this week.

Incidentally, this was the same law firm who were appointed legal advisers for Musk’s bid to take Tesla private in 2018. While Musk made his motivation extremely clear and even tweeted that he had “funding secured” for a $72 billion deal to take Tesla private, the move did not take place.