Tuesday, February 27, 2024
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HomeAcquisition Deal: Elon Musk Mocks Twitter Over Law Suit Threat

Acquisition Deal: Elon Musk Mocks Twitter Over Law Suit Threat

SpaceX CEO and world’s richest man Elon Musk has berated Twitter over its threat to drag him to court due his decision to temporarily suspend plans to acquire the micro-blogging site at the sum of $44 billion.

 

Musk who announced his plan to take over Twitter and make it “better than ever” by “defeating the spam bots and authenticating all humans”, made a u-turn on his decision in May.

 

According to him, the “deal” with the micro-blogging and social networking company Twitter was on hold after Twitter agreed weeks ago on a ‘definitive deal’ to sell itself to him at approximately $44 billion.

 

However, in a recent development, the Tesla CEO disclosed that he was terminating his $44 billion deal with Twitter it had failed to provide information about fake accounts on the platform which it claimed was only 5%.

 

He tweeted: “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users”.

 

Truthlive.net gathered that Musk’s attorneys filed a letter with the SEC accusing Twitter of being in material breach of the transaction agreement on Friday.

 

His attorney added, “the company, after repeated requests for data on its accounts, “has failed or refused to provide this information”

 

Twitter’s chairman board of directors, Bret Taylor reacting to the development vowed to take a legal action against Musk.

 

The company claimed that “Twitter is in material breach of multiple provisions of the buyout deal, and that the company appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement.”

 

The Management of Twitter however assured that it 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.”

 

Responding to the threat, Elon Musk in a tweet shared several hilarious memes trolling the micro-blogging platform for taking legal actions against him over his decision to temporarily suspend the acquisition deal.

See screenshot of his memes below:

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