Elon Musk during an event at the SpaceX headquarters in Hawthorne, California, USA on Thursday, October 1st. 10, 2019.
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The letter, addressed to Musk’s lawyers, followed the Tesla CEO’s statement. declaration on Friday that he plans to back out of the deal due to accusations that Twitter is underreporting spam accounts on its service, among other things.
Musk’s lawyers said in a Friday letter that Twitter violated its acquisition obligations by allegedly failing to provide Musk with information needed to count the number of spam accounts on the service.
However, Twitter attorney William Sawitt of the law firm Wachtell, Lipton, Rosen & Katz wrote in a letter on Monday that “Twitter has not violated any of its obligations under the Agreement.”
Savitt tweeted that the agreement remains in place.
Twitter crashes after Musk deal announced
“As always, Twitter will continue to provide information reasonably requested by Mr. Musk pursuant to the Agreement and will diligently take all steps necessary to close the deal,” he wrote.
Savitt added that “Twitter reserves all contractual, legal and other rights, including its right to specifically enforce Musk’s obligations under the Agreement.”
Lawyers advising Musk on the deal and related matters did not immediately respond to a request for comment. A spokesperson for Twitter declined to comment after the filing.
Shares of Twitter fell 11% on Monday to $32.65. It is now trading 40% below the $54.20 price Musk agreed to pay in April and has fallen about 33% since the deal was announced.