The social network Twitter reacted to the intention of businessman Elon Musk to withdraw from the deal. The social network considers the decision of the businessman “invalid and unlawful.”
The company believes that the deal has not yet been completed, and claims that they did not violate its terms, accusing Musk of the fact that his actions in this situation were “conscious and intentional.”
“Twitter did not seek its own sale. Now Elon Musk doesn’t want to buy…weird legal drama.” writes Wall Street Journal. Arguing over the deal could be “one of the most unusual lawsuits in the courtroom,” the paper said.
According to her, Twitter can sue Elon Musk and most likely go for it. Under the terms of the agreement, Musk agreed to pay Twitter a $1 billion termination fee if the deal falls apart, although the payment would only come under certain scenarios, including if his debt financing failed or regulators attempted to block the deal.
Meanwhile, the value of Twitter shares against the backdrop of the current situation fell by more than 11%.
Musk has notified Twitter that it is pulling out of the deal to buy the social network due to “material violation of several provisions of the agreement.”
