Bloomberg reported, citing sources, that Twiiter plans to sue Elon Musk this week for refusing to buy the social network.
Bloomberg reports that Twitter’s management signed a contract to represent them in court with Wachtell, Lipton, Rosen & Katz (WLRK), based in New York. Twitter is expected file a lawsuit in Delaware this week.
You may recall that Musk had previously terminated the agreement to purchase Twitter. A copy of the notice, addressed to Vijayi Gadde (head of legal department), was published on the US Securities and Exchange Commission’s website. In particular, the letter states that the company has not fulfilled several obligations under the agreement. This includes not providing full information that could reveal the proportion of fake accounts or accounts used for mass mail.
Bret Taylor, the chairman of the company’s board of directors, stated that Twitter plans to sue the entrepreneur to enforce the agreement. According to the US Securities and Exchange Commission (USSEC), Musk will be required to compensate the company for $ 1 billion if there is a breach of the agreement.