Elon Musk sends warning text to Twitter CEO Parag Agrawal

NEW DELHI: Even as the Elon Musk Twit­ter deal is on hold, the bil­lion­aire recent­ly wrote to Twit­ter CEO Parag Agraw­al, claim­ing that the social media com­pa­ny’s lawyers are try­ing to “make trou­ble” by solic­it­ing finan­cial details about it , as he intends to buy the com­pa­ny. The text mes­sage was report­ed­ly sent on March 28. 

“Your lawyers are mak­ing trou­ble with these chats.” This has to stop,” said a Busi­ness Insid­er report based on Musk’s text mes­sage. It also said Musk’s text was in response to Twit­ter’s deci­sion to ask Musk how he planned to fund the com­pa­ny’s acqui­si­tion. Read more: iPhone 14 Pro, iPhone 14 Pro Max Design Leaked Ahead of Its Sep­tem­ber Launch; 3D mod­els are pop­ping up online 

The social net­work­ing com­pa­ny also sued Musk days ago when he decid­ed to back out of the $44 bil­lion takeover bid. Accord­ing to The Verge, the case was filed Tues­day in the Delaware Court of Chancery and Musk was accused of hypocrisy. Read More: Gare­na Free Fire Redemp­tion Codes for Today 17th July: Check Web­site, Steps to Redeem 

“Twit­ter is bring­ing this law­suit in order to pre­vent Musk from con­tin­u­ing to infringe, to com­pel Musk to com­ply with its legal oblig­a­tions, and to com­pel the merg­er to pro­ceed sub­ject to the few remain­ing con­di­tions being met,” Twit­ter alleged in the law­suit. The law­suit is the start of a poten­tial­ly lengthy legal bat­tle in which Twit­ter is try­ing to hold Musk account­able for agree­ing to pay $54.20 per share for the com­pa­ny. “Twit­ter, rep­re­sent­ed by lead­ing M&A law firm Wachtell, Lip­ton, Rosen & Katz, argued that Musk was seek­ing an exit from the agree­ment, which required a “sig­nif­i­cant adverse impact” or a breach of con­tract,” the report said. 

Days after the Tes­la Inc CEO tried to pull out of the $44 bil­lion trans­ac­tion, Twit­ter accused the world’s rich­est per­son of “know­ing­ly” break­ing the agree­ment, “break­ing a pur­chase agree­ment for the social media com­pa­ny to have

In a recent let­ter to Musk, Twit­ter stat­ed that it had not breached its oblig­a­tions under the merg­er agree­ment, as Musk indi­cat­ed in its deci­sion to exit the acqui­si­tion. “Twit­ter has not expe­ri­enced, and is not like­ly to expe­ri­ence, any mate­r­i­al adverse impact from the com­pa­ny,” it said. 

Elon Musk announced in April that he owns 9.2 per­cent of Twit­ter, mak­ing him the com­pa­ny’s largest sin­gle share­hold­er. Fol­low­ing this, Twit­ter CEO Parag Agraw­al announced that Elon Musk will be join­ing the Twit­ter board. Elon Musk, on the oth­er hand, turned down the offer, say­ing he would instead pri­va­tize the company. 

A group of Twit­ter share­hold­ers lat­er launched a state secu­ri­ties class action law­suit against Musk, alleg­ing that he failed to dis­close his 5% own­er­ship of Twit­ter when request­ed to do so. Elon Musk made an offer on April 14 to buy Twit­ter for $43 bil­lion, or $54.20 per share. As a result, Twit­ter’s board of direc­tors used a “poi­son pill” to pro­tect its stock earnings. 

Musk has secured $46.5 bil­lion in financ­ing for the trans­ac­tion, which includes $21 bil­lion in per­son­al equi­ty and $25.5 bil­lion in debt. Twit­ter’s board of direc­tors meets to review Musk’s offer and accepts his offer to buy shares for $44 billion.

After a few days, Musk unex­pect­ed­ly declared on May 14 that the Twit­ter trans­ac­tion was “tem­porar­i­ly on hold” due to Twit­ter’s false account claim. It was look­ing for infor­ma­tion about fraud­u­lent Twit­ter accounts. Lat­er, on July 8, Musk announced in an SEC fil­ing that he was can­cel­ing the Twit­ter deal over data con­fi­den­tial­i­ty. Twit­ter stat­ed that it would legal­ly com­plete the purchase.