has arrived the impasse that many have predicted for a long time and the legal team of Elon Musk has reported the withdrawal of the Twitter purchase offer for 43,000 million dollars, which the South African billionaire made last April after several comments and movements in the same direction.
The reason for canceling the operation revolves around the doubt that Elon Musk himself had been raising since very shortly after making the agreement official: the large number of false accounts that populate the social network, much higher according to Musk than the 5% estimated by the reports of this. Or, as they have translated it in the statement, Twitter’s failure or refusal to provide “the information and data necessary to carry out an independent analysis of fake accounts, spam, bots on the platform.”
Of course, the leadership of Twitter is not going to take the excuse as a good one nor are they going to settle for Musk’s change of heart and, in the words of Bret Taylor, current president of the social network, “the Twitter Board is agrees to close the transaction at the price and terms agreed with Mr. Musk and plans to take legal action to enforce the merger agreement.”
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.
— Bret Taylor (@btaylor) July 8, 2022
In short, it seems that the situation will be resolved in court and the one who has the most to lose a priori is Elon Musk, since he faces the payment of the agreement or that of a termination clause of one billion dollars assumable by the party that withdraws from the agreement, in this case his. However, Musk’s legal team hides behind the lack of collaboration on the part of Twitter, with the issue of false accounts, but also of the marketing of the service, to get out of the conflict without penalty.
This turn of events, however, has not caught almost anyone by surprise: just a few days ago The Washington Post pointed to Musk’s firm rejection of finalizing the purchase, citing among others -the aforementioned- economic objections for Musk trying to raise the amount of the operation and it has ended up being fulfilled. By the mouth dies the fish?
The truth is that even though Elon Musk may be branded as this or that, which he well deserves, since he announced his intention to acquire Twitter they have not made it easy for him, nor have the administrations on either side of the pond, fearful not it is well known what, although the “warnings” did not pass since the operation has not been completed, to many of the users of the social network itself, many of whom cried out then and regurgitate now: then, for allowing a person like Musk buying the platform; now, because he is not forced to do it to teach him a lesson.
