Twitter Hires U.S. Law Firm Wachtell to Sue Musk After Pulling Out of $44 Billion Deal
(Reuters) -Twitter Inc has hired U.S. law firm Wachtell, Lipton, Rosen & Katz LLP as it prepares to sue Elon Musk and force him to complete the $44 billion acquisition of the social media company, according to people familiar with the matter.
Musk, the chief executive officer of Tesla, on Friday terminated his deal, saying Twitter had failed to provide information about fake accounts on the platform, after which Twitter’s chairman, Bret Taylor, vowed a legal fight.
Twitter is planning to file a law suit early this week in Delaware, people familiar with the matter said.
Twitter declined to comment while the law firm did not immediately respond to Reuters’ request for comment outside business hours.
Wachtell, Lipton, Rosen & Katz was one of the legal advisers for Musk’s plan to take Tesla private in 2018. Musk tweeted that there was “funding secured” for a $72 billion deal to take Tesla private but did not move ahead with an offer.
Musk and Tesla each paid $20 million in civil fines, and Musk stepped down as Tesla’s chairman to resolve U.S. Securities and Exchange Commission claims that he defrauded investors.
Twitter’s existing legal team includes Simpson Thacher & Bartlett LLP and Wilson Sonsini Goodrich & Rosati.
(Reporting by Maria Ponnezhath in Bengaluru and Greg Roumeliotis in New York; editing by Diane Craft)
Copyright 2022 Thomson Reuters.
Related Posts
- Attorneys seek Deshaun Watson NFL investigation documents
- Four Legal Forms to Consider When Your Child Turns 18 | Business Observer
- Amber Heard Legal Team Requests Johnny Deep Trial Verdict Be Overturned Over Alleged Imposter Juror, Lack of Evidence
- Attorneys seeking NFL documents investigating Deshaun Watson
- State appropriation boosts legal aid services for low income families