Musk Tries To Cancel Twitter Deal (Again), Citing Whistleblower (Again)


Lawyers for Elon Musk sent another letter to Twitter on Friday in their latest attempt to call off the $44 billion deal for the world’s richest man to buy the social media platform, claiming a severance payment given to a Twitter whistleblower violated his agreement with the company.

Tesla CEO Elon Musk looks up as he addresses guests at the Offshore Northern Seas 2022 meeting in … [+] Stavanger, Norway, on August 29, 2022. (Photo by CARINA JOHANSEN/NTB/AFP via Getty Images)

NTB/AFP via Getty Images

Key Facts

The letter stated a $7.75 million agreement Twitter entered into with Peiter Zatko in June broke the terms of Musk’s deal since Twitter allegedly did not contact Musk or seek his consent.

Zatko, Twitter’s former head of security, claimed there were “dangerous data privacy and security risks” ignored by company leadership, prompting regulatory concerns in the U.S. and Europe.

Musk’s lawyers sent a separate termination notice to Twitter on August 29, saying if Zatko’s allegations are true there would be “material, if not existential, consequences” for the company.

Musk has been trying to terminate the deal since July 8, citing concerns about the number of bots and fake accounts that populate Twitter.

Twitter did not immediately respond to a request for comment from Forbes.

Crucial Quote

“For the avoidance of doubt, these bases are in addition to, and not in lieu of, the bases for termination identified in the July 8 Termination Notice and the August 29 Termination Notice,” attorney Mike Ringer said in the letter.

Key Background

Twitter’s board accepted Musk’s unsolicited offer to buy the company in April, with Musk saying he looked forward to greatly rolling back moderation policies he thinks silence certain political viewpoints. But cracks in the deal began to emerge shortly after, when Musk started voicing concern about Twitter’s claim that less than 5% of accounts are fake. Twitter filed a lawsuit against Musk on July 12—four days after Musk sent his termination notice—claiming Musk actually wants out because of a decline in his personal wealth. A five-day trial to determine the company’s future ownership will take place in Delaware starting October 17. Musk’s team has subpoenaed Zatko, seeking additional information about Twitter’s inner workings.

Forbes Valuation

We estimate Musk to be worth $270.7 billion, making him the wealthiest person on Earth.

Further Reading

Twitter Sues Elon Musk For Trying To Cancel Acquisition (Forbes)

Elon Musk ‘Terminating’ Deal To Buy Twitter—Platform Plans Legal Action (Forbes)

Elon Musk Subpoenas Twitter Whistleblower (Forbes)

Twitter Whistleblower: What You Need To Know As Peiter Zatko Prepares To Face Lawmakers Next Month (Forbes)

Musk Cites Whistleblower Complaints In New Filing Seeking To Cancel Twitter Deal (Forbes)

Read More

Spread the love
Nicholas ‘Nick’ Statman entered the property industry in 2001 and set up a property buying company that quickly established itself as one of the biggest in the sector. During this time the Company successfully transacted on thousands of residential properties across the UK. Nicholas Statman was an early pioneer of the ‘quick sale’ niche market which has since grown considerably with a multitude of companies now operating in the sector. Nicholas Statman has strategically built a sizeable residential and commercial property portfolio with a view to holding for optimum capital growth and a long term passive income. Nicholas Statman has been involved in almost every aspect of the property sector over a 20 year period – this includes buying and selling, development, letting and management and is now involved in the fast growing online/ hybrid Estate Agent industry.

Latest articles

NFL power rankings: 49ers jump Eagles at top; Packers,...

How do all 32 teams in the NFL stack up against each other after Week 13 of the 2023 NFL season? Sporting News breaks it down with an updated look at the risers, fallers and status quo clubs...

When is the Heisman Trophy ceremony? Date, odds, finalists...

College football's premier event takes place on Saturday. And it's clear the stars will be out in abundance under the bright lights of Jazz at Lincoln Center...

MLB Draft lottery, explained: Updated odds for every team...

The order of the 2024 MLB Draft will be determined at the Winter Meetings on Tuesday. Here are every team's odds to land the No. 1 pick...

College football bowl picks, predictions for all 41 bowl...

Bowl season is here in all its quirky glory, with Coastal Carolina traveling 4,800 miles to play San Jose State and K-State and NC State battling for the right to eat free Pop-Tarts. Here's what to expect...

Similar articles


Please enter your comment!
Please enter your name here

Subscribe to our newsletter

Spread the love