Elon Musk Files Another Notice To Scrap Twitter Acquisition After Whistleblower Claims

Sheldon Cooper | Lightrocket | Getty Images Elon Musk’s legal team filed a new notice on Tuesday to end his $44 billion deal to buy Twitter, citing additional grounds. Twitter shares fell more than 1% in premarket trading. The latest filings come after Twitter’s former chief security officer, Peiter “Mudge” Zatko, claimed earlier this month about “extreme, egregious shortcomings” by the social media company regarding privacy, security and content moderation. On July 8, Musk’s legal team initially filed a notice with the US Securities and Exchange Commission (SEC) to terminate the Twitter acquisition. Musk’s legal team claimed that “Twitter has not complied with its contractual obligations.” The follow-up notice, disclosed Tuesday to the SEC, cites Zatko’s allegations as additional reasons to terminate the deal. “Allegations regarding certain facts, known to Twitter before and after July 8, 2022, but unknown to the Musk parties before and at that time, have since come to light that provide additional and distinct bases for termination of the Merger Agreement.” Mike Ringler, Musk’s legal representative from Skadden, Arps, Slate, Meagher & Flom LLP wrote in a letter to Twitter’s legal chief. Ringler said in the letter that the latest termination notice is “not legally necessary” to terminate the merger agreement, but is being delivered in the event that the July 8 filing “is found to be invalid for any reason.” Musk’s letter said Zatko’s complaint “alleged widespread misconduct at Twitter — all of which was disclosed to Twitter directors and senior executives, including (CEO) Parag Agrawal — that is likely to have serious consequences for Twitter’s business.” Musk’s lawyer said Zatko claims Twitter is in “material noncompliance” with its obligations under the 2011 settlement with the Federal Trade Commission. The letter laid out some of Zatko’s other allegations, including claims that Twitter is “uniquely vulnerable to systemic disruptions resulting from data center failures or malicious actors,” something that senior management knew about but “ignored and tried to cover up.” . “These allegations, if true, establish that Twitter breached the following provisions of the Merger Agreement, thereby entitling the Moscow Parties to terminate the Merger Agreement in accordance with its terms, as further described below,” the letter said. Twitter and Elon Musk will go to trial on Oct. 17 in Delaware to resolve Musk’s bid to cancel the company’s acquisition unless they first reach a settlement. – CNBC’s Lora Kolodny contributed to this report. This is breaking news. Check back for updates.

title: “Elon Musk Files Another Notice To Scrap Twitter Acquisition After Whistleblower Claims Klmat” ShowToc: true date: “2022-10-31” author: “Glenn Lirette”

Sheldon Cooper | Lightrocket | Getty Images Elon Musk’s legal team filed a new notice on Tuesday to end his $44 billion deal to buy Twitter, citing additional grounds. Twitter shares fell more than 1% in premarket trading. The latest filings come after Twitter’s former chief security officer, Peiter “Mudge” Zatko, claimed earlier this month about “extreme, egregious shortcomings” by the social media company regarding privacy, security and content moderation. On July 8, Musk’s legal team initially filed a notice with the US Securities and Exchange Commission (SEC) to terminate the Twitter acquisition. Musk’s legal team claimed that “Twitter has not complied with its contractual obligations.” The follow-up notice, disclosed Tuesday to the SEC, cites Zatko’s allegations as additional reasons to terminate the deal. “Allegations regarding certain facts, known to Twitter before and after July 8, 2022, but unknown to the Musk parties before and at that time, have since come to light that provide additional and distinct bases for termination of the Merger Agreement.” Mike Ringler, Musk’s legal representative from Skadden, Arps, Slate, Meagher & Flom LLP wrote in a letter to Twitter’s legal chief. Ringler said in the letter that the latest termination notice is “not legally necessary” to terminate the merger agreement, but is being delivered in the event that the July 8 filing “is found to be invalid for any reason.” Musk’s letter said Zatko’s complaint “alleged widespread misconduct at Twitter — all of which was disclosed to Twitter directors and senior executives, including (CEO) Parag Agrawal — that is likely to have serious consequences for Twitter’s business.” Musk’s lawyer said Zatko claims Twitter is in “material noncompliance” with its obligations under the 2011 settlement with the Federal Trade Commission. The letter laid out some of Zatko’s other allegations, including claims that Twitter is “uniquely vulnerable to systemic disruptions resulting from data center failures or malicious actors,” something that senior management knew about but “ignored and tried to cover up.” . “These allegations, if true, establish that Twitter breached the following provisions of the Merger Agreement, thereby entitling the Moscow Parties to terminate the Merger Agreement in accordance with its terms, as further described below,” the letter said. Twitter and Elon Musk will go to trial on Oct. 17 in Delaware to resolve Musk’s bid to cancel the company’s acquisition unless they first reach a settlement. – CNBC’s Lora Kolodny contributed to this report. This is breaking news. Check back for updates.

title: “Elon Musk Files Another Notice To Scrap Twitter Acquisition After Whistleblower Claims Klmat” ShowToc: true date: “2022-10-27” author: “Christina Trumbore”

Sheldon Cooper | Lightrocket | Getty Images Elon Musk’s legal team filed a new notice on Tuesday to end his $44 billion deal to buy Twitter, citing additional grounds. Twitter shares fell more than 1% in premarket trading. The latest filings come after Twitter’s former chief security officer, Peiter “Mudge” Zatko, claimed earlier this month about “extreme, egregious shortcomings” by the social media company regarding privacy, security and content moderation. On July 8, Musk’s legal team initially filed a notice with the US Securities and Exchange Commission (SEC) to terminate the Twitter acquisition. Musk’s legal team claimed that “Twitter has not complied with its contractual obligations.” The follow-up notice, disclosed Tuesday to the SEC, cites Zatko’s allegations as additional reasons to terminate the deal. “Allegations regarding certain facts, known to Twitter before and after July 8, 2022, but unknown to the Musk parties before and at that time, have since come to light that provide additional and distinct bases for termination of the Merger Agreement.” Mike Ringler, Musk’s legal representative from Skadden, Arps, Slate, Meagher & Flom LLP wrote in a letter to Twitter’s legal chief. Ringler said in the letter that the latest termination notice is “not legally necessary” to terminate the merger agreement, but is being delivered in the event that the July 8 filing “is found to be invalid for any reason.” Musk’s letter said Zatko’s complaint “alleged widespread misconduct at Twitter — all of which was disclosed to Twitter directors and senior executives, including (CEO) Parag Agrawal — that is likely to have serious consequences for Twitter’s business.” Musk’s lawyer said Zatko claims Twitter is in “material noncompliance” with its obligations under the 2011 settlement with the Federal Trade Commission. The letter laid out some of Zatko’s other allegations, including claims that Twitter is “uniquely vulnerable to systemic disruptions resulting from data center failures or malicious actors,” something that senior management knew about but “ignored and tried to cover up.” . “These allegations, if true, establish that Twitter breached the following provisions of the Merger Agreement, thereby entitling the Moscow Parties to terminate the Merger Agreement in accordance with its terms, as further described below,” the letter said. Twitter and Elon Musk will go to trial on Oct. 17 in Delaware to resolve Musk’s bid to cancel the company’s acquisition unless they first reach a settlement. – CNBC’s Lora Kolodny contributed to this report. This is breaking news. Check back for updates.

title: “Elon Musk Files Another Notice To Scrap Twitter Acquisition After Whistleblower Claims Klmat” ShowToc: true date: “2022-11-04” author: “Rodney Fike”

Sheldon Cooper | Lightrocket | Getty Images Elon Musk’s legal team filed a new notice on Tuesday to end his $44 billion deal to buy Twitter, citing additional grounds. Twitter shares fell more than 1% in premarket trading. The latest filings come after Twitter’s former chief security officer, Peiter “Mudge” Zatko, claimed earlier this month about “extreme, egregious shortcomings” by the social media company regarding privacy, security and content moderation. On July 8, Musk’s legal team initially filed a notice with the US Securities and Exchange Commission (SEC) to terminate the Twitter acquisition. Musk’s legal team claimed that “Twitter has not complied with its contractual obligations.” The follow-up notice, disclosed Tuesday to the SEC, cites Zatko’s allegations as additional reasons to terminate the deal. “Allegations regarding certain facts, known to Twitter before and after July 8, 2022, but unknown to the Musk parties before and at that time, have since come to light that provide additional and distinct bases for termination of the Merger Agreement.” Mike Ringler, Musk’s legal representative from Skadden, Arps, Slate, Meagher & Flom LLP wrote in a letter to Twitter’s legal chief. Ringler said in the letter that the latest termination notice is “not legally necessary” to terminate the merger agreement, but is being delivered in the event that the July 8 filing “is found to be invalid for any reason.” Musk’s letter said Zatko’s complaint “alleged widespread misconduct at Twitter — all of which was disclosed to Twitter directors and senior executives, including (CEO) Parag Agrawal — that is likely to have serious consequences for Twitter’s business.” Musk’s lawyer said Zatko claims Twitter is in “material noncompliance” with its obligations under the 2011 settlement with the Federal Trade Commission. The letter laid out some of Zatko’s other allegations, including claims that Twitter is “uniquely vulnerable to systemic disruptions resulting from data center failures or malicious actors,” something that senior management knew about but “ignored and tried to cover up.” . “These allegations, if true, establish that Twitter breached the following provisions of the Merger Agreement, thereby entitling the Moscow Parties to terminate the Merger Agreement in accordance with its terms, as further described below,” the letter said. Twitter and Elon Musk will go to trial on Oct. 17 in Delaware to resolve Musk’s bid to cancel the company’s acquisition unless they first reach a settlement. – CNBC’s Lora Kolodny contributed to this report. This is breaking news. Check back for updates.

title: “Elon Musk Files Another Notice To Scrap Twitter Acquisition After Whistleblower Claims Klmat” ShowToc: true date: “2022-12-01” author: “Kieth Mcallister”

Sheldon Cooper | Lightrocket | Getty Images Elon Musk’s legal team filed a new notice on Tuesday to end his $44 billion deal to buy Twitter, citing additional grounds. Twitter shares fell more than 1% in premarket trading. The latest filings come after Twitter’s former chief security officer, Peiter “Mudge” Zatko, claimed earlier this month about “extreme, egregious shortcomings” by the social media company regarding privacy, security and content moderation. On July 8, Musk’s legal team initially filed a notice with the US Securities and Exchange Commission (SEC) to terminate the Twitter acquisition. Musk’s legal team claimed that “Twitter has not complied with its contractual obligations.” The follow-up notice, disclosed Tuesday to the SEC, cites Zatko’s allegations as additional reasons to terminate the deal. “Allegations regarding certain facts, known to Twitter before and after July 8, 2022, but unknown to the Musk parties before and at that time, have since come to light that provide additional and distinct bases for termination of the Merger Agreement.” Mike Ringler, Musk’s legal representative from Skadden, Arps, Slate, Meagher & Flom LLP wrote in a letter to Twitter’s legal chief. Ringler said in the letter that the latest termination notice is “not legally necessary” to terminate the merger agreement, but is being delivered in the event that the July 8 filing “is found to be invalid for any reason.” Musk’s letter said Zatko’s complaint “alleged widespread misconduct at Twitter — all of which was disclosed to Twitter directors and senior executives, including (CEO) Parag Agrawal — that is likely to have serious consequences for Twitter’s business.” Musk’s lawyer said Zatko claims Twitter is in “material noncompliance” with its obligations under the 2011 settlement with the Federal Trade Commission. The letter laid out some of Zatko’s other allegations, including claims that Twitter is “uniquely vulnerable to systemic disruptions resulting from data center failures or malicious actors,” something that senior management knew about but “ignored and tried to cover up.” . “These allegations, if true, establish that Twitter breached the following provisions of the Merger Agreement, thereby entitling the Moscow Parties to terminate the Merger Agreement in accordance with its terms, as further described below,” the letter said. Twitter and Elon Musk will go to trial on Oct. 17 in Delaware to resolve Musk’s bid to cancel the company’s acquisition unless they first reach a settlement. – CNBC’s Lora Kolodny contributed to this report. This is breaking news. Check back for updates.