Elon Musk files another notice to scrap Twitter takeover bid

30/08/2022 Argaam

Billionaire Elon Musk's legal team gave another notice today, Aug. 30, to terminate his $44 billion takeover bid of Twitter, citing additional reasons. 

 

This came after the legal team on July 8 served a notice to the US Securities and Exchange Commission (SEC) to terminate the takeover bid of Twitter. The team alleged that Twitter had not complied with its contractual obligations. 

 

Musk’s lawyers said they wrote a notice to terminate the additional offer in the event that the July 8 notice was invalid for any reason, Bloomberg reported. 

 

According to the lawyers, Musk alleges that Twitter may have violated the deal on five other points, namely violating the consent decree with the Federal Trade Commission, and the presence of incorrect information about privacy and data protection in the company's filings with the US SEC. 

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