Twitter slams Elon Musk, says what he did was 'invalid and wrongful'

After Tesla and SpaceX CEO Elon Musk pulled out of the multi-million deal to buy microblogging site Twitter, the social media giant slammed the world's richestperson. On Monday (July 11) Twitter demanded that Musk must complete theproposed $44 takeover. It further said that Musk's withdrawal from the deal is "invalid and wrongful."

In a letter, attorneys for Twitter told Musk's lawyers: "Twitter has breached none of its obligations under the Agreement."

It added, "Twitter demands that Mr. Musk and the other Musk Parties comply with their obligations under the Agreement, including their obligations to use their respective reasonable best efforts to consummate and make effective the transactions contemplated by the Agreement."

Add WION as a Preferred Source

The company has planned to sue Musk in order to force him to complete the deal. As per reports, the company might file a lawsuit early this week in Delaware. In the letter, Twitter said that the merger agreement remained in place.

The threat appears to be amusing to Musk as he laughed off on Monday using a series of tweets. He jokedabout Twitter and its threat.

Impact on share trading

Last week, Musk sent a letter to Twitter saying he was pulling out of the controversial deal he made in April to buy the platform for $54.20 per share, or $44 billion in total.

Twitter's shares ended down 11.3% at $32.65, a 40% discount to Musk's $54.20 bid and the biggest daily percentage drop in more than 14 months. They rebounded less than 1% in extended trading. Tesla's shares closed down almost 7%.

(With inputs from agencies)

WATCH WION LIVE HERE

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.