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Cryptoknowmics 2022-07-09 05:46:49

Twitter Will Sue Elon Musk For Pulling Off Deal To Buy Company

Twitter will sue Elon Musk for failing to enforce the $44 billion deal to buy the company, the chairman of the company’s board said. The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery. — Bret Taylor (@btaylor) July 8, 2022 Elon Musk Pulls Out Off Twitter Deal Elon Musk on Friday pulled the plug on his $44 billion deal to buy Twitter and take it private, a regulatory filing showed. Musk accused the social media giant of “misleading” statements about the number of fake accounts. Musk also said he was walking away because the company fired high-ranking executives and one-third of the talent acquisition team, breaching Twitter’s obligation to “preserve substantially intact the material components of its current business organization.” He also decided to suspend the deal due to multiple breaches of the purchase agreement. One of them includes “misleading representations over the number of spam bots on the social network. The Tesla CEO’s team strongly believes that the proportion of spam and fake accounts is “wildly higher” than 5 percent, according to the letter. The Tesla CEO had earlier threatened to walk away from the deal if the company can’t show that less than 5% of its daily active users are automated spam accounts. According to a prior fi...

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