Elon Musk says he won’t buy Twitter Can he just walk away?

Elon Musk says he won’t buy Twitter. Can he just walk away? Twitter is suing; GOP loses ‘free speech’ savior : The billionaire Elon Musk called off his deal to purchase social media firm Twitter in the filing filed on Friday with the Securities and Exchange Commission.

Skadden Arps attorney Mike Ringler wrote directed to Twitter’s Chief Legal Officer the fact that “Twitter has not complied with its contractual obligations.” In the past 2 months now, Twitter not provided Musk with details about fake or fraudulent Twitter accounts it stated.

The announcement has sent Twitter stock down by 5% after hours trading. The stock has plunged dramatically after the Twitter board took Musk’s offer of buying it in March for $54.20 per share. The day after news of the deal, Twitter was trading at $51.70 per share. The following day, it ended at $36.81.

Elon Musk says he won’t buy Twitter Can he just walk away?

SpaceX CEO Tesla as well as SpaceX CEO is known for his online persona that is as controversial as well as his business ventures. He’s a popular figure on Twitter and has over 100 million users and often chimes in on the political scene, discusses business in a casual manner, and embraces meme culture on the internet. A few tweets from his account have led to him getting into legal troubles.

Who is Elon Musk? What do you know about Tesla CEO who was looking to purchase Twitter

Can Elon Musk quit Twitter?

According to the filing made with the SEC on April 25 The agreement requires Musk paying Twitter one billion dollars in break-up cost if he decides to end the agreement.

However, Musk could not be able simply to quit. Twitter could be able to forcibly Musk to sign the agreement legal experts suggest.

The issue is whether the use of bots on Twitter’s Social Media platform are “fundamental to Twitter’s business and financial performance” as Musk’s lawyers claim.

“The question is whether or not this is really material information,” UCLA law professor James Park said. “It should be fairly obvious that there’s potentially fake spam accounts at a company like Twitter.”

“(Musk) can make this argument, but I think it’s a weak one,” he added. “To me, this is just a pretext for him to pull out of the deal.”

And Twitter is “every incentive to enforce the deal,” Case Western Reserve business law professor Anat Alon Beck told USA through an email.

“If they don’t at least attempt to force Musk to close, they’ll have his allegations of false statements hanging around their necks unless they contest his statements,” Alon-Beck added. “This fight is just beginning and only time will tell on how steep a penalty each side will pay to close this deal.”

Jennifer Grygiel, a professor at Syracuse University, noted that Musk might not be done on the deal as of yet.

“Who says he’s still not trying to acquire it?” Grygiel stated. “We’re still very much in a limbo period and we have to wait and see where this all ends up.”

It is evident that Musk is going to face an legal fight on his hands. Park said that the matter should go “very quickly” through the Delaware Court of Chancery, with a trial and verdict “in just a few weeks.”

A progressive, non-profit consumer advocacy organization Public Citizen said Musk terminating the agreement ” is what a win for free speech actually looks like.” Musk in April tweeted “I hope that even my worst critics remain on Twitter because that is what free speech means.”

Lawyer Richard Signorelli said he hopes Musk is willing to pay an “hefty penalty” to end the contract. In a second post, Signorelli identified himself as a Twitter shareholder and stated that he is grateful that Musk is working to get out of the deal.

Illinois Representative Chuy Garcia sent a message to billionaire on Friday by telling him to “don’t let the door hit you on your way out.” Garcia earlier declared his opinion in opposition to the deal’s $44 billion price on Twitter.

One Twitter user who is a regular on the site hasn’t yet tweeted on the subject of the letter is Musk.

The Republican Party: “Elon Musk won’t be able to save us’

Conservatives cheered in April, when Elon Musk announced an unannounced bid of $44 billion to purchase Twitter and vowed to reinstate “free speech” on the social media site.

The public reaction was more muted in the latter part of Friday, as it became apparent that Musk was not the hero that the political right was hoping for.

In a regulatory filing Musk declared that he was ending the Twitter agreement due to a dispute regarding how many spam accounts are present on the platform.

Tom Fitton’s opinion? The moderate activist and the president of Judicial Watch said Musk was dropping the Twitter agreement since the company would not reveal the specifics regarding “its censorship operation.”

Charlie Kirk, founder, and president of the conservative group Turning Point USA tweeted: “Maybe Elon never intended to purchase Twitter in the first place. Perhaps he was just looking to make it clear.”

Donald Trump Jr. declared that Musk leaving the deal was a sign that Twitter was found to be lying about fake accounts. “So it appears that Twitter is home to a massive amount of spam accounts, way greater than they admit and was subsequently sacked for it! !”

“Bottom line,” tweeted Florida GOP Congressman Lavern Spicer ” Elon Musk isn’t going to save us.”

The only actor James Woods sounded a more negative note by tweeting “Musk failed us.” The tweet was later deleted. tweet.

It was a world away from the manner in which conservatives cheered for Musk during the opening.

Conservative journalist Dinesh D’Souza began lobbying Musk to purchase Twitter at the beginning of January. His ideawas that Musk will take over Twitter and shut down liberals in order to instruct them about “the imperative of free speech.”

When D’Souza repeatedly demanded Musk to purchase a major social media platform in order to alter “the political and cultural landscape,” Musk responded: “interesting ideas.”

Soon Musk began buying parts of Twitter and was being encouraged by conservatives.

After putting in a bid for Twitter the multimillionaire Tesla CEO gained many followers including conservatives who over the years have claimed Twitter, Facebook, and Google of bias against conservatives.

Conservative journalist Brent Bozell, founder, and president of the Media Research Center, tweeted: “Free at last. It’s finally free. Conservatives could be finally free!”

In the early hours of Friday evening, Bozell had not tweeted an opinion on the announcement that Musk had withdrawn his pursuit of Twitter.

On Trump’s social media website Truth Social, the former president tweeted: “THE TWITTER DEAL IS DEAD, LONG LIVE THE ‘TRUTH.'”

Musk deal termination via Twitter “disaster”

“Never in a million years would I have imagined this,” said Daniel Ives, senior equity research analyst at Wedbush Securities.

Ives anticipates “an uphill battle for Twitter” and “a lot of legal twists and turns.”

“This is a disaster scenario for Twitter and its Board as now the company will battle Musk in an elongated court battle to recoup the deal and/or the breakup fee of $1 billion at a minimum,”

Ives declared that Musk could be a part of the blame. some of the responsibility.

“It’s going to be a black eye for Musk as well,” Ives stated. “He doesn’t come out smelling like roses.”

Syrcase University’s Grygiel claims she believed right from the beginning that an executive with power like Musk could have had unsavory intentions to pursue Twitter.

“It turns out that he didn’t actually need to own it to destroy it,” Grygiel explained.

– Terry Collins

Who is Elon Musk? What can you learn about Tesla CEO who was looking to purchase Twitter

What time did Musk accept to buy Twitter?

The deal of $44 billion with Musk was announced in April after spending nearly three months purchasing Twitter shares in order to boost his stake in the company.

In the year 2000 the world’s most powerful person declared that he was determined to “make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans.”

Why why isn’t Elon Musk buying Twitter?

In a nutshell the word bots, they are.

Musk asserts that Twitter is greatly underestimating the number of spam accounts and fake accounts on the site.

Twitter claims that bots comprise only five percent of its day-to-day active users. In its regulatory filing on Friday, Musk says that Twitter seems to be “dramatically understating” that figure. Musk earlier claimed that the number was 20% or more.

Twitter BOTS: What are they and how do they affect Musk’s $44 billion deal for Twitter?

What is the response of the Twitter board reacting?

Twitter intends to suit Musk and is determined to close the deal, as per Bret Taylor, chairman of Twitter’s board.

“We are confident we will prevail in the Delaware Court of Chancery,” the judge posted on Twitter.

A former Twitter executive has told The Financial Times: “It seems Twitter is willing to go to war to make this deal happen.”

In its last quarterly report, Twitter warned that its financial health “may suffer” if the merger is not completed. The soaring stock price, the low investor confidence, lawsuits by stockholders and disruptions to business operations were only a few of the options the company outlined.

Twitter employees were advised not to publish any public announcements. A memo issued by the general counsel at Twitter, discovered through The Verge directed staffers to avoid “Tweeting, Slacking, or sharing any commentary about the merger agreement.”

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