Elon Musk Tries To Pull Out From Twitter Buyout Deal
The saga of Elon Musk’s attempted hostile takeover of Twitter continues! Media outlets have been reporting in a frenzy after tech mogul Elon Musk announced that he intends to pull out of his previously proposed $44 billion purchase of Twitter following months of back-and-forth disputes between himself and the board.
Lawyers representing Musk said he is renigging on the offer as a consequence of the social media platform failing to respond to requests for information on the number of bot and spam accounts on the platform, Reuters reports. Twitter shares have taken a plunge, reportedly falling 6 percent.
Musk publicly revealed his intentions to buy Twitter back in April, explaining that he disagrees with the company’s pro-censorship policies and his desire to see it become a more ‘free-speech’ platform. The tech mogul declared himself a “free speech absolutist,” promising to bring more fair policies in moderating speech and even to restore the social media account of former President Donald Trump.
The Twitter board eventually moved to accept Musk’s offer to buy the company for $44 billion after resistance from numerous members, including a member of the Saudi Arabian royal family.
However, difficulties came up after Musk’s legal team claimed they could not verify how many accounts registered to Twitter are bots as opposed to legitimate users.
Via Breitbart News:
Elon Musk’s deal to purchase Twitter is reportedly in danger of falling apart after Musk’s team concluded that Twitter’s figures on spam accounts are not verifiable, according to sources close to the negotiation.
The Washington Post reports that Tesla CEO Elon Musk’s deal to purchase Twitter is in danger of falling through as sources say that his team has concluded that Twitter’s figures on bot and spam accounts are not verifiable. Musk’s team has reportedly stopped engaging in certain discussions around funding for the $44 billion deal, including with one group named as a likely backer of the deal.
Twitter board chairman Brett Taylor publicly posted that the company still plans on finalizing the $44 billion purchase with Musk and will pursue legal action should the original deal not be honored.
The Twitter Board 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.
— Bret Taylor (@btaylor) July 8, 2022
Big League Politics has written about Elon Musk numerous times in the past, recently covering the tech mogul’s first time voting Republican.
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