Staff Reports
After Elon Musk failed to follow through with a deal worth many billions of dollars to buy the social media network Twitter, it is possible that the tides are turning against him.
In preparation for a potential legal battle with Elon Musk over his decision to pull out of his planned acquisition of Twitter, the company has hired a legal team from the New York firm Wachtell, Lipton, Rosen & Katz LLP.
After the tech guru stated that he wanted to terminate the acquisition in filings filed with the Securities and Exchange Commission on Friday, the social media giant plans to bring a lawsuit in Delaware against Musk by the beginning of the following week, according to people who spoke with Bloomberg.
Twitter has sworn that it will do all in its power to thwart Musk's attempts to pull out of the $44 billion agreement. In April, he made an initial proposal to purchase Twitter at a price of $54.20 per share.
“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.” On Friday, the Chairman of the Twitter board, Bret Taylor, expressed his optimism on the company's chances of success in the Delaware Court of Chancery.
According to a story from Sunday, Twitter's legal team may consist of multiple attorneys, including Bill Savitt and Leo Strine, who served in the past as the chancellor of the Delaware Chancery Court.
The CEO of Tesla and SpaceX has been engaged in a spat with Twitter, during which he has accused the corporation of exaggerating the amount of spam bots that use its site.
Musk said in his SEC filing on Friday that Twitter's public disclosures of monetizable daily active users were "either false or materially misleading." He also claimed that Twitter's decision to remove its revenue product lead and general manager of consumer, as well as the choices of three executives to leave from the firm after Musk attempted to acquire the company, were a breach of contract.
It is possible that Musk will incur financial losses as a result of his decision to back out of the transaction. A reverse termination fee in the amount of $1 billion is part of the terms of the merger contract, and Musk would be required to pay it if he decided to back out of the deal.
In the meantime, with the publication of the news that Twitter was making attempts to strengthen their legal counsel, Musk changes on his account using the only method he is familiar with, which is trolling.
BREAKING: @elonmusk OWNS Twitter pic.twitter.com/vvEZuaXQvG
— Sir Doge of the Coin ⚔️ (@dogeofficialceo) July 11, 2022
— Elon Musk (@elonmusk) July 11, 2022
— Elon Musk (@elonmusk) July 11, 2022
Musk greeted the possibility of a lawsuit being filed by Twitter with enthusiasm because it would compel Twitter management to discuss the issue of spam bots in a manner that is more open and public than ever before.
After many years of consistent suppression and abuses of free speech rights, conservatives in particular held out high hopes that Musk's acquisition of Twitter would usher in big, beneficial improvements.
The preceding is a summary of an article that originally appeared on American Examiner News.
