Twitter says musk in a letter Monday that Elon Musk’s efforts to end the social media company’s proposed $44 billion acquisition were “illegitimate and unlawful.”
The letter, addressed to Musk’s attorneys, follows the Tesla CEO’s announcement on Friday.
That he plans to cancel the deal because, among other things. Twitter underestimated the number of spam accounts on its service.
Musk’s lawyers argued in Friday’s letter that Twitter breached its obligations related to the acquisition by allegedly failing to provide Musk with the information needed to quantify the number of spam accounts on the service.
However, Twitter attorney William Savitt of law firm Wachtell, Lipton. Rosen & Katz wrote in a Monday letter that “Twitter has not violated its obligations under the agreement.”
Savitt said the Twitter agreement remained in effect. “As before, Twitter will continue to provide any information Mr. Musk reasonably requests under the agreement also will take whatever steps are require to complete the transaction,” he wrote.
Savit added, “Twitter reserves all contractual, statutory, and other rights. Including its right to enforce Musk’s obligations under the Agreement expressly.”
Lawyers advising Musk on this deal and related matters did not immediately respond to requests for comment. A Twitter representative denied to comment beyond the submission.
Twitter shares fell 11% to $32.65 on Monday. They are now trading 40% below the $54.20 price Musk agree to pay in April and down about 33% since the deal was announce.