Elon Musk is not buying Twitter and Donald Trump has something to say about it
Musk backtracks from his plan to buy Twitter and his decision didn’t sit well with people around the world. Former US President Trump created Truth Social after Twitter, YouTube and other platforms banned him.
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“The Twitter deal is dead,” the former president said in a Truth post, “Long live the ‘Truth.’”
Musk’s attorney Mike Ringler informed Twitter’s chief legal officer, Vijaya Gadde that his client terminated the merger agreement and abandoned the transaction.
The merger agreement requires Twitter to give Musk pretty much everything he requests “for any reasonable business purpose related to the consummation of the transaction.”
According to Musk’s lawyer, Twitter didn’t comply with these contractual obligations. Musk requested the info for two months because he wanted to “make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform.”
“This information is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr. Musk’s financing and financial planning for the transaction, and to engage in transition planning for the business,” Ringler explained.
“Twitter has failed or refused to provide this information,” he added. “Sometimes, Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information.”
“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,” responded Twitter Chairman Bret Taylor in a Twitter post. “We are confident we will prevail in the Delaware Court of Chancery.”
Some analysts believe that Musk may be trying to get a better deal from Twitter and buy the platform for less money.
Twitter may force Musk to pay $1 billion breakup fee he agreed to pay.
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Source: Resist The Mainstream
