San Francisco, July 9: Amid the high voltage drama happening ever since Elon Musk officially tried to pull out of his $44 billion agreement to buy Twitter, the microblogging site’s general counsel has told employees to not publicly comment on the deal.
In an internal memo to Twitter employees sent on Friday and obtained by The Verge, the company’s general counsel, Sean Edgett, told employees to “refrain from Tweeting, Slacking, or sharing any commentary about the merger”, and that management would be “very limited on what we can share”. Elon Musk To Pay USD 1 Billion As Deal Termination Fee to Twitter.
“I know this is an uncertain time, and we appreciate your patience and ongoing commitment to the important work we have underway,” Edgett wrote. As per the website, the notice cites the fact that the merger is an ongoing legal matter.
“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” Edgett said.
In a surprising move, Musk’s legal team said in a US Securities and Exchange (SEC) filing that he is terminating the deal because Twitter was in “material breach” of their agreement and had made “false and misleading” statements during negotiations.
Meanwhile, Twitter, in response, said that it was going to sue Musk for terminating the $44 billion takeover deal. In the following tweet, Twitter Chairman Bret Taylor said that the “board is committed to closing the transaction on the price and terms agreed upon with Musk and plans to pursue legal action to enforce the merger agreement”.
“We are confident we will prevail in the Delaware Court of Chancery,” he added. Musk had put the deal on hold over the actual number of spammy/ fake accounts and bots on the platform, and sought a reply from Twitter CEO Parag Agrawal. On Thursday, Twitter claimed it is suspending more than 1 million spam accounts a day.
(The above story first appeared on Morning Tidings on Jul 09, 2022 05:13 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).
Leave a Reply