After rejecting a $44 billion agreement, Twitter hires Wachtell as its legal counsel to fight Musk
Twitter has retained US law firm Wachtell, Lipton, Rosen & Katz LLP as it gets ready to sue Tesla CEO Elon Musk and force him to finish the $44 billion acquisition of the social media business after Musk cancelled the agreement.
Image Source: Twitter
Advertisement
In terms of pushing Elon Musk to complete the $44 billion acquisition of the social media company, Twitter Inc. has retained the services of the American law firm Wachtell, Lipton, Rosen & Katz LLP, according to persons familiar with the situation.
Tesla’s CEO, Elon Musk, terminated their agreement on Friday, claiming Twitter had not provided information regarding phoney accounts on the network. Twitter’s chairman, Bret Taylor, then pledged to take legal action.
According to someone with knowledge of the situation, Twitter intends to launch a lawsuit in Delaware early this week.
Advertisement
Reuters’ request for a statement outside of business hours was not immediately answered by the legal firm, and Twitter declined to comment.
One of the attorneys that advised Musk on his scheme to take Tesla private in 2018 was Wachtell, Lipton, Rosen & Katz. Musk hinted on Twitter that finance had been “secured” for a $72 billion deal to take Tesla private, but he did not make an offer.
For the resolution of US Securities and Exchange Commission allegations that Musk deceived investors, Musk and Tesla each paid $20 million in civil fines, and Musk resigned as chairman of Tesla.
Simpson Thacher & Bartlett LLP and Wilson Sonsini Goodrich & Rosati are two of Twitter’s current attorneys.