Source: The New York Times
The intense drama surrounding Elon Musk officially trying to escape his $44 billion deal to buy Twitters is seen to increase everyday. As this happens, the social media platform’s general counsel has asked its employees to not publicly comment on this acquisition deal.
On Friday, July 8, the general counsel, Sean Edgett sent an internal memo to the employees of the company. He directed them to ‘refrain’ from posting any tweet, ‘slacking, or sharing any commentary’ regarding the merger. Additionally, he stated that the management would be ‘very limited’ on what they can share at the moment.
In the memo, he wrote it was owing to this being an ‘uncertain time,’ and the company appreciated the employees’ ‘patience and ongoing commitment’ to the important work the company was involved in. According to the website, the memo noted that the merger is currently a legal matter underway. Edgett stated how the board was ‘closing the transaction on the price’ and terms reached on with Musk. Additionally, it was planning to seek ‘legal action to enforce the agreement.’
“We are confident we will prevail in the Delaware Court of Chancery,” Edgett said.
Surprisingly, the Tesla CEO’s legal team stated in a filing from US Securities and Exchange that he is letting go of the deal. He noted how this was owing to Twitter being in ‘material breach’ of the agreement, making ‘false and misleading’ statements at the time of negotiations.
On the other hand, Twitter responded saying that it would sue Musk for the termination of the $44 billion acquisition deal. In the tweet after this, Chairman Bret Taylor stated that the Twitter board ‘is committed’ to ensuring the closure of the transaction ‘on the price and terms’ agreed upon with the billionaire. Alongside, Taylor stated how the board is planning to enforce this agreement by pursuing legal action.
Further, he said how the company is confident that they would ‘prevail in the Delaware Court of Chancery.’ The Tesla CEO had previously put the agreement on temporary hold over pending details regarding fake, spam and bot accounts on the social media platform. Alongside, seeking a reply from Twitter chief executive Parag Agarwal. On Thursday, July 7, the microblogging site claimed it is conducting the suspension of over 1 million spam and fake accounts every single day.