Twitter ( NYSE: TWTR ) Chief Executive Parag Agrawal has told company employees to expect a lot of "distracting" speculation about their future in the coming weeks now that Twitter ( TWTR ) has filed suit against Elon Musk in an effort to force him to adhere to his $44B acquisition of the social-networking giant.
Agrawal made his comments in an email to Twitter ( TWTR ) workers that was part of a Securities and Exchange Commission filing on Wednesday. In his note, Agrawal said that there will be much "news and noise" to come regarding the case against Musk, but that "will prove our position in court and we believe we will prevail."
Last Friday, Musk announced he was terminating his deal to acquire Twitter ( TWTR ) for $54.20 a share on the grounds that the company hasn't been transparent about the percentage of accounts on its platform that are either spam, fake or bots. Twitter ( TWTR ) sued Musk in Delaware Chancery Court on Tuesday seeking to hold him to his acquisition agreement.
In his letter to Twitter ( TWTR ) employees, Agrawal said that along with the new litigation against Musk, "the current environment--macroeconomic, geopolitical, societal--presents additional complexities and challenges for us and our industry."
Twitter ( TWTR ) shares rose almost 8% Wednesday as in addition to the Musk lawsuit, short seller Hindenburg Research said it had taken a "long position" in Twitter's ( TWTR ) shares.
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Twitter CEO Parag Agrawal says 'we will prevail' in suit against Elon Musk