Twitter (TWTR) is suing Elon Musk over $44 billion deal
The social media company wants the tech billionaire to follow Delaware contract law.
Twitter is now suing Elon Musk after the Tesla and SpaceX CEO has attempted to pull out of the $44 billion contract to buy the social media company. The filing by the plaintiff details a laundry list of problems the company has experienced after Musk has attempted to end the contract.
Source: CNET
Reported on by Lauren Feiner of CNBC on July 12, 2022, Twitter has officially filed a lawsuit against Elon Musk. The filing, which you can read in full on Scribd, pulls no punches when it comes to detailing the purported reasons why Musk is refusing to honor the deal.
According to the filing, Musk refuses to honor the deal because the “deal he signed no longer serves his personal interests”. It goes on to state, “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.”
Twitter’s filing also goes into the actions Musk has taken to openly criticize the social media platform and the effect it has had on the company and its shareholders. “Musk has repeatedly disparaged Twitter and the deal, creating business risk for Twitter and downward pressure on its share price,” writes the plaintiff.
Oh the irony lol
— Elon Musk (@elonmusk) July 12, 2022
One of the key reasons Musk states he wants to terminate the deal is based on Twitter bot numbers. Musk wants Twitter to show proof that <5% of users are bots. This is also mentioned in the filing, offering some insight into Twitter’s spam estimation process. Twitter does a daily sampling of “approximately 9,000 accounts per quarter that are manually reviewed”.
The entire filing is basically a playback of the last three months of events. Feiner of CNBC reports that Twitter wants a 4-day trial in September, so we’re still a couple of months out from seeing how all of this unfolds. In the meantime, we can at least rely on Musk continuing to tweet.
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Shacknews
replySam Chandler posted a new article, Twitter (TWTR) is suing Elon Musk over $44 billion deal
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as idiotic as this whole thing has been, this is funnnnny
https://twitter.com/elonmusk/status/1546344529460174849-
funny in the sense that that's a) not how this legal process works and b) even if it was, tweeting about it would be extremely stupid
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Is there reason to believe Elon doesn’t want to own it? He just wants to pay less.
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You’re probably right but I can’t help but think he wanted to buy it so he could put his buddy Trump back online. Now that Trump has turned him down and apparently their relationship has gone sour, and the stock downturn means he’s overpaid, he doesn’t want it any more.
Either way hopefully this court case drags on forever.-
I don’t think he actually cares much about Trump. I think if you follow VC Twitter they are just obsessed with wokeness as a huge problem for society and he’s part of that crew and thought he could buy one of his favorite products and solve that.
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This article by Ben Thompson stuck with me on what to do with twitter and where the actual value is. Probably no way they'll pull their heads out of their asses but it would allow twitter to survive but not be the twitter we know today
https://stratechery.com/2022/back-to-the-future-of-twitter/
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I hope this whole process just fucks both up financially, and then doesn't result in him owning Twitter, which I still think would be a negative outcome for the world/humanity overall.
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This was a really fun read: https://nymag.com/intelligencer/2022/07/twitters-lawsuit-against-elon-musk-15-revelations.html
