Elon tries to fly the coop
The Future. Elon Musk is trying to back out of his $44 billion takeover of Twitter, accusing the social media platform of “false and misleading” statements. Not so fast, says Twitter. As the deal goes to the Delaware courts, some think the ‘Technoking’ may have bitten off more than he could chew.
Elon Musk is getting cold ‘tweet.’
- After months of negotiations to take over Twitter, Musk announced that he wanted to terminate his $44 billion purchase of the social media platform.
- He claimed that Twitter hadn’t met its contractual obligations for the purchase… aka: “misrepresenting” user data and not disclosing info on spam bots.
- Since then, Twitter has reportedly assembled a team of attorneys to sue over the dropped deal, which the billionaire has responded to in classic Elon fashion — memes.
What’s next? With Musk’s history of antics, you can never know for sure. But in the best-case scenario, writes Dan Primack, his reputation may take a serious hit, especially if he wants to continue acquiring other public companies. Worst case? A Delaware judge could force Musk to buy Twitter for $54.20 per share, along with extra penalties from the SEC.
Taking a closer look, some critics believe Elon was never serious about buying Twitter. The move was just an elaborate ruse to cash out $8.5 billion in Tesla stock. But the saga has sent Tesla stock into a tailspin, and no matter what happens, Musk faces a long legal battle ahead. Is it all part of the plan, or is Musk scrambling? We’ll let you be the judge of that.