It’s WAR – Elon Musk Turns The Tables
(LibertySociety.com) – Although billionaire Elon Musk struck a deal with Twitter to buy the company for $44 billion in April, the deal is in jeopardy, and the two might be heading to court to settle the matter. In order to close the sale, the Tesla CEO insisted the social media platform had to confirm its bot accounts were under a certain percentage. However, Twitter bombarded Musk with a barrage of tweets, or a “firehose” of data, making it nearly impossible to verify the viability of the company.
Twitter wants the billionaire to move forward on his purchase, but he seems reluctant to do so. In fact, his lawyers notified the social media company that Musk wants to cancel the deal. The waters are a little muddied here because the contract stipulates the platform can sue him and force the purchase.
No one really knows what to make of yesterday's story. But if Musk does sue to get out of the deal, Twitter is ready to go to court. It could be costly and potentially timely – but the most valuable part of Twitter right now is its deal with Musk. https://t.co/7flx3mEaKU
— Lauren Hirsch (@LaurenSHirsch) July 8, 2022
Twitter claims the number of bot accounts it reported to the SpaceX owner was an estimated 5%. Even if Musk took the company to court to renege on the deal based on the fact there may be more fake accounts than reported, it’s just an estimate. In fact, the social media site claims he can’t use it to break the contract.
The social media company is struggling, and its owners want this deal closed. Shares dropped 5% on Monday, signaling a $1.4 billion loss.
It seems the two are in for a lengthy court battle unless something significant happens.
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