In their latest exchange of legal fire, Twitter has rejected new claims from billionaire Elon Musk that a whistleblower’s claims about the company give him grounds to exit his proposed $44 billion takeover.Citing an effort in July by Musk to wriggle out of the deal, Twitter lawyer William Savitt described Musk’s newest pronouncement “invalid and wrongful.”Musk, the CEO of Tesla and founder of SpaceX, offered to buy Twitter last April, but the transaction has been troubled from the beginning.
Musk has ramped up his frequent criticisms of the social media firm and a legal tussle, predictably, has ensued. The parties are due to head to trial in October.The merger agreement pegs the acquisition price at $54.20 a share.
Twitter stock slipped a fraction at the start of today’s trading to $39.90. The company’s board pursued alternative offers to Musk’s but came up empty, so the notion of Musk’s offer vaporizing is a doomsday scenario for Twitter.In his newest attempt to invalidate the transaction, Musk’s legal team alluded to claims by whistleblower Peiter Zatko, a former Twitter security exec who recently went public with assertions about malfeasance by Twitter on its platform.
Musk has long criticized Twitter for hosting too many fake accounts and bots. Twitter has responded that its understanding is the number of bogus accounts is less than 5% of the total number of accounts.
Read more on deadline.com
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