It has been confirmed that Twitter will take legal action against Elon Musk to terminate the merger agreement. It was announced earlier this year that Elon Musk planned to acquire Twitter for $44 billion, promising some sweeping changes to the social media platform. The idea was to allow more “freedom of speech,” meaning that people would be able to speak more freely without being banned. However, it has not been determined exactly what this will look like. Reports also indicated that Elon Musk was looking to monetize Twitter in certain ways, but then again, there was absolutely nothing tangible and everything was fast and loose. In May, it was confirmed that the Twitter and Elon Musk deal had been put on hold until Musk could investigate the number of fake accounts or spam bots on the platform.
Now, today, it has been confirmed that Elon Musk is backing away from the Twitter deal “citing a material breach of several terms of the agreement.” Twitter Chairman Bret Taylor responded to the news on his personal account by saying that the Twitter board was committed to closing the deal, which included Musk’s purchase of the remaining shares in the company at $54.20 per share. Twitter is ready to sue Musk in Delaware Chancery Court to enforce the deal and has expressed confidence in the deal already underway as a result. As of now, it remains to be seen how it will turn out. At the time of writing, Musk has yet to respond to Twitter’s legal preparations.
Twitter’s board is committed to closing the deal at the price and terms agreed with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident that we will prevail in Delaware court.
– Brett Taylor (@btaylor) July 8, 2022
This story develops…
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