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

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Lawyers for Elon Musk sent another letter to Twitter on Friday within their latest try to call off the $44 billion deal for the world’s richest man to get the social media marketing platform, claiming a severance payment directed at a Twitter whistleblower violated his agreement with the business.

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 POINTS

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 didn’t contact Musk or seek his consent.

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

Musk’s lawyers sent another termination notice to Twitter on August 29, saying if Zatko’s allegations are true there will be material, or even existential, consequences for the business.

Musk has been attempting to terminate the offer since July 8, citing concerns concerning the amount of bots and fake accounts that populate Twitter.

Twitter didn’t immediately react to a obtain comment from Forbes.

Crucial Quote

“For the avoidance of doubt, these bases come in addition to, rather than instead 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 get the business in April, with Musk saying he looked forward to greatly rolling back moderation policies he thinks silence certain political viewpoints. But cracks in the offer started to emerge soon after, when Musk started voicing concern about Twitter’s declare that significantly less than 5% of accounts are fake. Twitter filed case against Musk on July 12four days after Musk sent his termination noticeclaiming Musk actually wants out due to a decline in his personal wealth. A five-day trial to look for the company’s future ownership will need invest Delaware starting October 17. Musk’s team has subpoenaed Zatko, seeking more information about Twitter’s inner workings.

Forbes Valuation

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

Further Reading

Twitter Sues Elon Musk For ATTEMPTING TO Cancel Acquisition (Forbes)

Elon Musk Terminating Deal TO GET TwitterPlatform Plans Legal Action (Forbes)

Elon Musk Subpoenas Twitter Whistleblower (Forbes)

Twitter Whistleblower: WHAT YOU OUGHT TO Know As Peiter Zatko Prepares TO HANDLE Lawmakers THE FOLLOWING MONTH (Forbes)

Musk Cites Whistleblower Complaints In New Filing WANTING TO Cancel Twitter Deal (Forbes)

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