Twitter isn’t happy Elon Musk is trying to back out of the deal. Twitter though also hasn’t disclosed accurate information prior to purchase. But the joke’s on them. Musk wins one way or the other. Twitter might have to offer the company at a discount. If he terminates the deal it might be fatal to the company since the stock value has declined 35% from the $54.20 per share that was offered. Time will tell.
Musk faces a lawsuit
Twitter filed one against him, trying to force him to continue with the purchase. The lawsuit says,
“Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests. Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away.”
The deal needs to have accurate information. Since the company hasn’t provided that, Elon is backing out.
— Elon Musk (@elonmusk) July 11, 2022
Musk pointed out the hypocrisy
For the world to see. He tweeted out, “They said I couldn’t buy Twitter. Then they wouldn’t disclose bot info. Now they want to force me to buy Twitter in court. Now they have to disclose bot info in court.”
Elon wanted to purchase Twitter this past spring, not happy with their censorship of anything conservative. His “strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization.”
Money is no object
Musk said, “I don’t care about the economics at all.” Among his top priorities was “eliminating the spam and scam bots and the bot armies” on the social media giant.
“It’s important to the function of democracy, it’s important to the function of the United States as a free country and many other countries, and to help freedom in the world more broadly than in the U.S. Civilizational risk is decreased the more we can increase the trust of Twitter as a public platform, and so I do think this will be somewhat painful.”