Twitter has stayed true to its promise of suing Tesla and SpaceX owner Elon Musk for backing out from the $44 billion takeover deal.
The company filed a lawsuit against the billionaire at the Delaware Court recently, where they held him accountable for the contractual obligations that he failed to meet.
Twitter has previously vowed to force Musk into buying the company and for that, they’re willing to drag him into the courtroom to have their needs met.
Elon Musk and his legal team sent out a letter to Twitter’s board last week where they confirmed their decision of terminating the deal. But the news wasn’t taken too well by the board, whose chairman confirmed that they were committed to sealing the deal.
Bret Taylor also revealed how both sides had agreed unanimously over the terms mentioned in the merger agreement and therefore if not met, they would have no choice but to pursue legal action to ensure the deal went ahead as planned.
Twitter was not seen holding back on the great amount of criticism for Elon Musk, adding how the entire fiasco was nothing but chaos for the company. Referring to the ordeal as a months-long saga, Twitter revealed complete details of what exactly went on and why they were left with no choice but to resort to these means.
The firm began by outlining with dates how the deal was sealed in April of 2022 as confirmed in the merger agreement. Elon Musk vowed to do his best to have the deal done but with three months gone, the company accuses the billionaire of failing to meet his promises and honor all the obligations made to the firm and its respective shareholders.
They also feel that the deal made appears to no longer serve his personal interests and that was why he was behaving in such an irresponsible manner.
Twitter adds that the entire agreement turned into a public joke for the world to witness. But they don’t think he or anyone has the right to abruptly change their mind and go about trashing the firm.
They also outlined how Elon Musk continued to breach a long list of clauses mentioned in their agreement, causing the company humiliation and loss.
Twitter says the lawsuit has been filed with the Delaware Court to hold Musk accountable for his actions and to ensure the merger carries forward as originally planned.
The lawsuit also delineates how Musk played smartly and contradicted his own words as he vowed to get rid of spam and fake profiles on the app and then accused the company of having a huge spam problem.
Twitter has constantly labeled Elon Musk’s working strategy as one that’s filled with nothing but hypocrisy. They also state that the billionaire wished to purchase the firm so he could rid of crypto-related spam but then turned back.
He also wished to make the platform private so as to halt the purging spam would be a huge problem from day one. Moreover, even in his public release, Musk stated how his main objective was to defeat the spam and all the bots seen on the app.
However, Twitter says that after the Tesla and SpaceX owner saw the world’s market in decline, the deal no longer looked appealing to him and he searched for ways to exit.
Twitter accused Musk of swiftly altering narratives and blowing a small issue like spam way out of proportion, not to mention the unnecessary drama unveiled in the public eye.
Musk has argued that Twitter failed to give out enough information that would allow them to assess the right number of fake accounts on the app, which he believes is much higher than the figures quoted.
Read next: Twitter Rolls Out Its ‘Unmentioning’ Option That Allows Users To Escape From Unwanted Conversations
The company filed a lawsuit against the billionaire at the Delaware Court recently, where they held him accountable for the contractual obligations that he failed to meet.
Twitter has previously vowed to force Musk into buying the company and for that, they’re willing to drag him into the courtroom to have their needs met.
Elon Musk and his legal team sent out a letter to Twitter’s board last week where they confirmed their decision of terminating the deal. But the news wasn’t taken too well by the board, whose chairman confirmed that they were committed to sealing the deal.
Bret Taylor also revealed how both sides had agreed unanimously over the terms mentioned in the merger agreement and therefore if not met, they would have no choice but to pursue legal action to ensure the deal went ahead as planned.
Twitter was not seen holding back on the great amount of criticism for Elon Musk, adding how the entire fiasco was nothing but chaos for the company. Referring to the ordeal as a months-long saga, Twitter revealed complete details of what exactly went on and why they were left with no choice but to resort to these means.
The firm began by outlining with dates how the deal was sealed in April of 2022 as confirmed in the merger agreement. Elon Musk vowed to do his best to have the deal done but with three months gone, the company accuses the billionaire of failing to meet his promises and honor all the obligations made to the firm and its respective shareholders.
They also feel that the deal made appears to no longer serve his personal interests and that was why he was behaving in such an irresponsible manner.
Twitter adds that the entire agreement turned into a public joke for the world to witness. But they don’t think he or anyone has the right to abruptly change their mind and go about trashing the firm.
They also outlined how Elon Musk continued to breach a long list of clauses mentioned in their agreement, causing the company humiliation and loss.
Twitter says the lawsuit has been filed with the Delaware Court to hold Musk accountable for his actions and to ensure the merger carries forward as originally planned.
The lawsuit also delineates how Musk played smartly and contradicted his own words as he vowed to get rid of spam and fake profiles on the app and then accused the company of having a huge spam problem.
Twitter has constantly labeled Elon Musk’s working strategy as one that’s filled with nothing but hypocrisy. They also state that the billionaire wished to purchase the firm so he could rid of crypto-related spam but then turned back.
He also wished to make the platform private so as to halt the purging spam would be a huge problem from day one. Moreover, even in his public release, Musk stated how his main objective was to defeat the spam and all the bots seen on the app.
However, Twitter says that after the Tesla and SpaceX owner saw the world’s market in decline, the deal no longer looked appealing to him and he searched for ways to exit.
Twitter accused Musk of swiftly altering narratives and blowing a small issue like spam way out of proportion, not to mention the unnecessary drama unveiled in the public eye.
Musk has argued that Twitter failed to give out enough information that would allow them to assess the right number of fake accounts on the app, which he believes is much higher than the figures quoted.
Read next: Twitter Rolls Out Its ‘Unmentioning’ Option That Allows Users To Escape From Unwanted Conversations
