Elon Musk announced on Saturday the cancellation of the $44 billion Twitter deal he proposed just a few months ago. According to the billionaire lawyer, the social media platform violated multiple provisions of the merger agreement, prompting Musk to withdraw from the deal after multiple warnings. Twitter is now pursuing legal action against Musk, but Musk is joking about it.
Musk joked on Twitter on Monday about the microblogging platform going to court against the Tesla CEO. In the post, he claimed that Twitter was never forthcoming about the number of bots on the platform. That is also why Musk stated in his SEC filing. The CEO of Tesla and SpaceX was always concerned about bots on the platform. Indeed, he once stated that spambots on Twitter are one of the most vexing issues.
Musk joked in a recent tweet that Twitter will have to reveal original details about spambots on the platform to the court, which he claims the company has been hiding for a long time. Twitter recently claimed that around 5% of its users are bots, but Musk claims that figure is misleading. According to the billionaire, the platform contains at least 20% bots.
Soon after Musk announced the termination of the agreement, Twitter's chairman, Bret Taylor, stated that the microblogging site intends to sue Musk for pulling out of the $44 billion deal. "The Twitter Board is committed to closing the transaction at the agreed-upon price and terms with Mr. Musk and intends to take legal action to enforce the merger agreement." "We are confident that we will prevail in the Delaware Court of Chancery," Taylor said in a recent tweet.
Musk sent a legal letter to Twitter's legal chief Vijaya Gadde saying, "For approximately two months, Musk has collected the necessary data and information to "make an independent assessment of the spread of fake or spam accounts on the Twitter platform". Letter to you dated 25th May, 2022 ("Letter dated 25th May").
This information is fundamental to Twitter business and financial performance and is required to complete the transactions contemplated by the merger agreement, to ensure Twitter satisfaction of the terms of the closure, to facilitate Elon Musk financing and financial planning for the transaction. It is needed, and for the business to engage in the transition plan. Twitter has failed or refused to provide this information."
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