Elon Musk Issues Yet Another Notice Attempting To Terminate The Twitter Deal
Elon Musk, the CEO of Tesla, has sent a third notice to Twitter, which is run by Parag Agrawal, in an effort to sever the $44 billion acquisition agreement.
Musk’s legal team mentioned Twitter’s multi-million dollar severance payment to former security chief and whistleblower Peiter “Mudge” Zatko in the most recent letter filed with the US Securities and Exchange Commission.
The warning was delivered to Vijaya Gadde, Twitter’s chief legal officer, according to The Verge.
According to the notice, Twitter and Peiter Zatko “agreed into a separation agreement on June 28, 2022, pursuant to which Twitter provided severance payments to Zatko and his counsel totaling $7.75 million.”
This was another justification given by Musk’s attorneys for ending the agreement.
The Twitter trial is scheduled to begin on October 17, but the Tesla CEO is attempting to buy extra time from the judge by referencing Zatko’s anticipated testimony.
A revised schedule put forth by Musk’s legal team would postpone the week-long trial until late November.
On September 13, Zatko is scheduled to appear before the US Congress on accusations he made against the microblogging service.
According to the former head of Twitter security, the company deceived authorities about its security procedures and the actual number of bot accounts.
As part of the ongoing legal dispute between Twitter and Musk, Zatko was also served with a subpoena by Musk’s legal team requiring him to show up for a deposition on September 9.
According to Musk, the evidence of a Twitter leaker explains his decision to renegotiate the $44 billion purchase agreement for the microblogging service.
FAQs
Why did Elon sever the Twitter agreement?
Musk withdrew from the $44 billion selling agreement he had reached with Twitter in July. He did so because, in his opinion, Twitter gave “false and deceptive representations” of a variety of user statistics, such as the number of “fake or spam accounts” on the social media site.
Will Musk still purchase Twitter?
The board of the social networking company says it will appear before him in court. The world’s richest man claimed to desire to purchase one of the most well-liked social media sites before changing his mind. Elon Musk, the CEO of Tesla, decided to sever his $44 billion agreement to acquire Twitter on Friday.
What transpired between Twitter and Elon Musk?
In April, Musk, the CEO of Tesla and SpaceX, agreed to buy the social media company for about $44 billion, claiming he wanted to support free speech on the platform and “defeat the spam bots.” However, less than three months later, he filed to terminate the agreement after alleging that Twitter withheld information about the bot.
Is Twitter a wise investment for 2022?
Sales for Twitter are predicted to rise by 18% to $5.87 billion in 2022 and by 22% to $7.32 billion in 2023, according to analysts. In contrast, it is predicted that during the following five years, wages will increase at a rate of 80% per year.
Will the price of Twitter rise in 2022?
By 2023, it anticipates the modus to reach 315 million, representing a 20% annual growth rate over the following two years. Sales for Twitter are predicted to rise by 18% to $5.87 billion in 2022 and by 22% to $7.32 billion in 2023, according to analysts.