WHAT IS GOING ON WITH ELON MUSK AND TWITTER

Written by on July 12, 2022

WHAT IS GOING ON WITH ELON MUSK AND TWITTER

Shared By Peter Boykin – American Political Commentator / Citizen Journalist

After much fanfare, Billionaire Elon Musk announced he is withdrawing his $44 billion deal to buy Twitter. But Twitter is not going quietly…

Why Musk wants out:

According to a letter sent by Musk’s attorney to Twitter, he wants to terminate the deal over concerns that a large percentage of Twitter’s users are fake “bot” accounts and the company refuses to turn over the information he needs to determine how prevelant the problem is.

The letter says Twitter “made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement.”

Twitter is lawyering up:

The Chair of Twitter’s board, Bret Taylor, tweeted that the board plans to sue Elon Musk for trying to back out of the deal and force him to complete the $44 billion purchase.

Exit options:

In Musk’s ideal world, he walks away clean without paying a penny since he claims Twitter breached their agreement. But there is also a walk-away option in the original agreement, where Musk would forfeit $1 billion. However, Twitter seems like it intends to try and force Musk to honor the full $44 billion deal.

President Trump weighed in over the weekend saying: “Elon is not gonna buy Twitter. Where did you hear that before? From me. [Crowd screams ‘fake accounts’] Fake accounts. He’s got a lot of them. He’s got himself a mess.”

It’s worth noting:

Shares of Digital World Acquisition Corp, the company tied to Trump’s Truth Social, soared 20% after Musk announced he plans to dump his Twitter deal. Meanwhile, Twitter stock is down about 12%.

Musk, to his credit, doesn’t seem worried about Twitter suing him. He tweeted the following image in response to news:

WHAT IS GOING ON WITH ELON MUSK AND TWITTER

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