Elon Musk no longer wants to buy Twitter: now the legal quarrel begins | NOW

After months of uncertainty, the bullet is through the church: Elon Musk is certainly not going to buy Twitter. Perhaps this is the start of a long-running legal dispute over a deal that was rather miraculous from the start.

Musk made a $ 44 billion takeover bid (more than 41 billion euros) nearly three months ago. A rather aggressive move, for Twitter was not for sale. The social media company initially declined, but accepted when it turned out that Musk could raise the money.

The billionaire had big plans for Twitter. He said that Twitter’s potential was not being fully exploited and that he wanted to make freedom of speech much more important. According to Musk, Twitter determines too much what can and cannot be said. He hoped to make money by attracting more users and paying subscribers.

The acquisition seemed almost complete in June. Twitter’s board approved the deal and advised shareholders to do the same. But slowly Musk began to return.

Spambots and fake accounts are possible remedies for Musk

The ballad about the number of fake accounts and spambots hung over the deal like the sword of Damocles. Musk asked in early May that less than 5 percent of the daily users on the platform are spam accounts. He thinks it’s more like 20 per cent.

The owner of Tesla and SpaceX first wanted to know exactly how many bots are present on Twitter. Last Friday, Musk announced through his attorneys that he wanted to withdraw from the deal; Twitter has reportedly withheld information about the number of bots.

Twitter will not let that go. The company has engaged a law firm to enforce the acquisition. “The Board of Directors is committed to closing the transaction at the price and terms we have agreed with Mr. Musk,” said Twitter Chairman Bret Taylor.

Musk laughs at trial

Musk responded Twitter quite giggling over the company’s legal plans. Next to four pictures where Musk laughs harder and harder, the caption is: “They said I could not buy Twitter. Then they would not reveal information about bots. Now they will force me to buy Twitter and must give information about bots in the courtroom. “

At the signing of the agreement, Musk and Twitter agreed that if one of the parties were to withdraw from the agreement for a specific reason, that party would be fined € 1 billion. For example, Musk would pay if he did not receive the funding. The social media platform, in turn, would pay if another buyer was found or if the board advised shareholders to vote against the offer.

It now appears that Musk is trying to get out of the deal without paying a single penny. He does this by backtracking on the agreement on fraud from Twitter.

Long struggle can end in conciliation

Experts predict that it could turn into a messy, protracted legal battle. It will be a difficult story for Musk, they say Reuters† “It is up to Musk to prove that the spam accounts were not only fake, but that they had a significant impact on Twitter’s earnings.”

In the past, judges in similar cases have more often ruled in favor of the seller, which in this case would be Twitter. However, many companies ultimately choose to take a stand against the one who wants to make the acquisition, to remove uncertainty among employees, customers and suppliers.

It will probably take months before it is known who will win the legal battle. Knowing Musk, he will undoubtedly keep his followers informed via Twitter.

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