What just happened? In what is the least surprising news of the year so far, Twitter has sued Elon Musk after he backed out of a $44 billion bid to buy the platform. The company, which wants to force Musk into the deal, is using some of the Tesla boss's tweets as evidence that he viewed the acquisition as little more than a joke.
The long saga of Musk's attempt to buy Twitter ended recently. The world's richest man once again blamed the move on Twitter's alleged refusal to prove that the number of fake accounts on the platform constitute less than 5% of its entire user base. Musk claimed this was a material breach of the agreement, allowing him to walk away without paying the $1 billion termination fee.
Twitter lawyers wrote in their lawsuit filed in Delaware that Musk “refuses to honor his obligations to Twitter and its shareholders because the agreement he signed no longer serves his personal interest,” adding that the company is suing him. to fulfill its legal obligations.
The filing does not retain his description of Musk's behavior: "To Musk, it would appear that Twitter, the interests of its shareholders, the transaction Musk agreed to, and the legal process to enforce it constitute an elaborate joke." Memes recently posted by Musk, including one by Chuck Norris, were included in the dossier.
“Having staged a public spectacle to put Twitter on the line, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he – unlike any other party subject to Delaware contract law – is free to change his mind. notice, to throw the company, disrupt its operations, destroy shareholder value and walk away,”
Last month, Twitter made available to Musk a "fire hose" of raw data consisting of every tweet posted each day. He then said that Twitter had placed an artificial cap on the number of searches his team could perform on the data, but the reality was that he had reached the monthly limit of 100,000 queries, so Twitter raised the cap to 10. million.
Despite these actions, the lawsuit claims that Musk "showed little interest in understanding Twitter's process for estimating spam accounts" and that his "increasingly outlandish demands" were made for him to opt out. of the agreement. It is also claimed that Twitter has gone to great lengths to accommodate these requests, although Musk claims otherwise.
It's possible that the lawsuit will lead to a settlement or that Musk and Twitter will renegotiate the deal at a lower price than the original deal of $54.20 per share. Most experts believe the law is on Twitter's side.
MORE READING: Will Elon Musk Be Forced To Buy Twitter (https://brokeredbusiness.blogspot.com/2022/07/will-elon-musk-be-forced-to-buy-twitter.html)
Musk didn't tweet specifically about the lawsuit, though he did post a photo of Malenia from Elden Ring, Blade of Miquella, who is incredibly difficult to defeat.
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