The American social media company, Twitter, has hired the United States law firm Wachtell, Lipton, Rosen & Katz LLP to sue Tesla owner and billionaire Elon Musk after he terminated his $44 billion deal to buy Twitter.
Twitter reportedly wants him to complete the $44 billion acquisition of the social media company as soon as possible. The social media giant has planned to pursue legal action after Musk, forcing him to finalise the deal.
How did the chaos start?
On Friday, the world’s richest person, terminated his $44 billion deal to buy Twitter, alleging that the social media company had breached multiple provisions of the merger agreement. Musk also alleged that he cancelled the deal because Twitter fired high-ranking executives and one-third of the talent acquisition team
He reportedly also said that the social media giant had failed to provide information about fake accounts on the platform, after which Twitter’s chairman, Bret Taylor, vowed a legal fight.
On Saturday, Taylor said that the board planned to pursue legal action against Musk to enforce the merger agreement. He wrote on Twitter, “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr Musk and plans to pursue legal action to enforce the merger agreement.”
Reportedly, this week, Twitter will file a lawsuit against Musk in the Delaware Court of Chancery.
Wachtell, Lipton, Rosen & Katz LLP
Wachtell, Lipton, Rosen & Katz LLP, a law firm that operates out of a single office in New York City, was one of the legal advisers for Musk’s plan to take Tesla private in 2018. The firm, known for corporate law, will now fight the law battle for Twitter.
Earlier, Musk threatened Twitter to call off the deal if the social media company did not provide evidence that less than 5 per cent of the accounts on the micro-blogging site are bots.