Musk reacts laconically to impending Twitter lawsuit: ‘Must come up with information now’ | Tech

Elon Musk sees the lawsuit that Twitter threatens to file against him with confidence. At least that seems to be the conclusion from a couple of tweets he sent this morning. He has worked himself into a meme, in which he laughs hard at the turn of events.

Musk announced on Friday that he does not want to buy Twitter after all, because the company cannot properly indicate how many accounts are automated bots or spam. He wanted to take over the platform for 43 billion euros, but now that that deal is off the table, Twitter has announced a lawsuit in which it still wants to enforce the sale.

Musk did not respond to that this weekend, but this morning he does post a few pictures. “Now they want to force me to buy Twitter,” reads one of the memes. In addition, a smiling Musk. Below that: “Now they have to reveal all the information about the bots in court.”

The richest man in the world is thus showing a light-hearted attitude towards his controversial attempt to take over Twitter, which has also put pressure on Tesla’s stock price. Musk agreed at the end of April to take Twitter off the stock exchange for $44 billion (43 billion euros). The Tesla CEO has now decided to cancel the takeover.

Months of uncertainty

It was unclear for months whether the deal between Musk and Twitter would go through. According to Musk, Twitter is violating the merger agreement due to the lack of clarity about the number of fake accounts. But legal experts have doubts, according to The Washington Post to that argument and aren’t sure it’s enough to blow the deal. The deal includes a stipulation that Musk will have to pay Twitter a billion dollars if he does not go through with the takeover.

Twitter has said in a response that the company plans to keep Musk from the agreement. The $44 billion offer is official, so it can’t just be canceled by one of the parties. “We are sticking to the price and the agreements made with Musk and we intend to take legal action to enforce the merger agreement,” Supervisory Board chairman Bret Taylor said in a tweet.

Price dropped

The consequences of Musk’s decision are not immediately clear. Under the acquisition agreement, Musk can pay Twitter a billion dollars (about 980 million euros) if the deal falls through. However, that is under strict conditions and experts disagree on whether the conflict over spam accounts is enough.

The share price of Twitter fell about 7 percent in after-hours trading on Friday. During the trading day, the stock had already lost 5 percent, closing at about $36.81, much lower than the $54.20 per share Musk would pay for the company.

Musk reacts laconically to impending Twitter lawsuit: ‘Must come up with information now’ | Tech
Source link Musk reacts laconically to impending Twitter lawsuit: ‘Must come up with information now’ | Tech

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