Twitter reportedly hires the firm that invented the poison pill to sue Elon Musk

Sharanya Sinha
Sharanya Sinha July 10, 2022
Updated 2022/07/21 at 3:55 PM

Twitter’s lawyer hired Wachtel, Lipton, Rosen & Katz, a company prominent enough to have its own Wikipedia page, and its founding partner, Martin Lipton, who invented shareholder protection, or “poison pill” protection. on, valid. Musk slows down the purchase offer. On Friday, Elon Musk filed a document to cancel Twitter’s $ 44 billion purchase. After the founder of Tesla backed out of a $44 billion transaction, Twitter has no intention of letting Elon Musk off the hook easily. In April, when Musk proposed to acquire all of Twitter’s shares for $54.20 apiece, the richest man in the world started negotiations with the company. We soon saw a change in Musk’s emotions.

For Mr. Musk, who had reportedly lost interest in purchasing Twitter on Friday, what began as a tirade about bot spam accounts on Twitter ended up being a deal breaker. Musk asserts that the percentage is substantially greater than Twitter’s official assertion that spam bot accounts make up only 5% of all accounts. In response, Twitter CEO Brett Taylor tweeted that the company would go to court to terminate the contract under the settlement and create a poison pill. According to Bloomberg, Wachtel Lipton’s employment shows that Twitter is seriously taking its case to the Delaware Supreme Court. Musk declined to answer questions during an appearance at the Sun Valley conference over the weekend, but he responded on Twitter. Twitter has hired two top lawyers for its team.

Twitter’s blue bird silhouette logo is seen on a black background.

One of them was William Savitt, who represented companies like Anthem and Sotheby’s in a Delaware lawsuit against activist investors. The other is Leo Strain, a former chief justice of the Delaware state crown court who has 20 years of experience as a state court judge and was chief justice of the state Supreme Court before joining the firm in 2020. Musk reportedly hired Quinn Emanuel Urquhart & Sullivan, who also acquired Wikipedia, which is perhaps better known to Verge readers. He also defended Samsung against a patent lawsuit from Apple, which claimed the Galaxy devices were just iPhone knockoffs, and had previously discussed Tesla’s takeover of Musk after his “pedophile” libel lawsuit and his “financial protection” tweet. Claims against the SEC and private in current shareholder actions.

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