Elon Musk sends a new letter to the SEC about the termination of the Twitter agreement

[#1: Edit Options>MightyAdsense>Adsense Code]

Elon Musk has sent the second letter to the Securities and Exchange Commission (SEC) announcing that he has unilaterally terminated the agreement to purchase Twitter.

The new letter, which refers to revelations made last week by Twitter’s former security chief Peiter Zatko, provides an October notice to the SEC as to why the agreement was terminated.

Zatko was fired by Twitter in January after working at Twitter for about a year and a half, citing “poor performance and inadequate leadership.” Last week, Zatko said that Twitter had deceived everyone about the strength of its security protocols, noting that he had witnessed terrible shortcomings, negligence and ignorance. In addition, Zatko also said that Twitter is trying to hide its shortcomings from regulators and investors.

Elon Musk and his legal team are trying to put forward stronger arguments with the new letter that Twitter has violated the terms of the purchase agreement. However, Musk and his team need Zatko to strengthen their hand in the case.


“Musk’s new termination notice is based solely on statements made by a third party that, as Twitter has previously stated, are full of inconsistencies and inaccuracies, with no significant context,” Twitter’s legal representative William Savitt said about the new letter sent to the SEC.

Then Savitt continued his words as follows:

August July 8, 2022, as well as in your notice of termination, the so-called termination mentioned in your letter of August 29, 2022 is invalid and unjustified under the contract. Contrary to the claims in your letter, Twitter has not violated any of its statements or obligations under the agreement. Twitter plans to put the deal into effect and complete the deal on the agreed price and terms.”

Last month, Twitter sued Musk over his attempt to withdraw from the deal. A five-day non-jury trial is scheduled for October in Delaware Chancery Court.

Leave A Reply

Your email address will not be published.

PHP Code Snippets Powered By : XYZScripts.com