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Elon Musk No Longer Buying Twitter and is Now Being Sued

Demon_Skeith

Demon_Skeith

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On Friday evening, Tesla CEO Elon Musk finally made it crystal clear that he has no interest in adding “owner of Twitter” to his list of titles. The move was months in the making. Twitter is planning to sue in response.

In a letter to Twitter’s Chief Legal Officer Vijaya Gadde filed with the Securities and Exchange Commission, Musk notified the social media company that he would terminate the $44 billion acquisition deal he made in late April. However, it is not yet clear whether Musk can unilaterally end the agreement.

Twitter plans to sue Musk in response. Twitter CEO Parag Agrawal retweeted the company’s board chairman Bret Taylor’s promise of legal action minutes after the news broke in defiance of the Tesla CEO.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” Taylor wrote.
 
That $1 billion breakout clause is going to be massive if he ends up having to pay it. He really does love his pump and dumps
 
Demon_Skeith said:
I feel like a billion dollars to him to us is just dropping a $100 on the ground.
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It's still a lot, to be fair, especially with the Tesla share price falling quite a bit over the past few months. Surprisingly, it's actually only 2% of the Twitter sale price if he went ahead with it.
 
I mean....technically he can back out of any deal he starts. Twitter is just mad that the people at the top wont have millions.
 
Dead2009 said:
I mean....technically he can back out of any deal he starts. Twitter is just mad that the people at the top wont have millions.
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He agreed to a deal and I guess signed a contract without caring about actually looking at the company. I'm sure the USA doesn't allow deals this big to be agreed on and then cancelled without there being a proper reason. But I guess we'll find out during the court battle
 
Did he sign an actual contract though, you can do "handshake deals" and easily back out of them because theyre not binding.
 
Then if nothing is done in writing there's no agreement, he can back out as many times as he wants.
 
Looked at a few different sources and they all mention a "signed agreement" so looks like it's not just a word of mouth agreement
 
Ash said:
Looked at a few different sources and they all mention a "signed agreement" so looks like it's not just a word of mouth agreement
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He is not going to try such poor behaviour unless he wants a backlash from a lot of investors that has shown him respect over the years.
 
Why are they suing him for not buying Twitter? Can they even due that? I think that's kind dumb that you can sue someone for not buying something because that's like the car dealership suing me for not buying a car off their lot. It doesn't make any sense.
 
WitchAssassin said:
Well, it looks like he's bought Twitter now. It's a big thing all over Twitter.
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$8 for a Blue checkmark Verification badge it was $20 dollars before -_- I think he is trying to destroy Twitter I personally never used it much but I might Perm delete it now
 
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