Twitter Plans To Sue Elon Musk For Backing Out Of Merger And He Replies With... A Meme
Probably not the best way to comment on backing out of a USD44 billion deal.
By Hafiz Zainuddin — 12 Jul 2022, 06:04 PM
Back in April, Elon Musk offered to buy Twitter in an outright USD44 billion (approximately RM195 billion) deal
He filed the deal directly to the US Securities and Exchange Commission (SEC) and said "Twitter has extraordinary potential. I will unlock it," in a letter to Twitter chairman, Bret Taylor.
But now, it seems like he is backing out of the deal
Elon Musk's lawyers have notified the US Securities Exchange Commission that the Tesla and SpaceX founder is backing out of the originally agreed upon deal due to it being "in material breach of multiple provisions".
Musk and his team claims that they need critical information regarding the amount of fake and spam accounts on the platform. However, they stated that Twitter sometimes ignores his requests for data and sometimes they've rejected them for "reasons that appear to be unjustified".
Musk's central concern leading up to him making this decision is that he alleges that the number of bots and fake accounts exceeds more than what the company claims — which is "wildly higher than 5%".
However, it looks like Twitter is not going down without a fight
Twitter chairman, Brett Taylor is still set on making sure that the merger still happens despite Musk's reluctance — under terms that were agreed upon initially.
In order to ensure that this agreement is enforced, the Twitter chairman announced that he plans on pursuing legal action to make sure that the deal doesn't fall through.
And here's how the tech billionaire responded
In strictly Elon Musk fashion, he took to Twitter (yes, we realise the irony) to express his feelings about Twitter's decision to take legal action against the tech billionaire.
Although quite humorous for his followers, it is unlikely that Twitter is all too keen in this playful response towards their legal action.
