Elon Musk, the CEO of Tesla, withdrew from the $44 billion Twitter takeover, sparking some drama in the tech sector.
According to a recent story, before abandoning the agreement, Musk texted Twitter CEO Parag Agrawal to let him know that the company’s attorneys were attempting to “create trouble” by requesting information about the financial terms of Musk’s planned acquisition of Twitter. The details were made public in a lawsuit that the social media business filed.
According to the lawsuit, on June 28, Musk contacted Twitter’s CFO Ned Segal and CEO Parag Agrawal, stating:
“Your lawyers are using these conversations to cause trouble. That needs to stop.” Musk had sent the message to Agrawal and Segal after Twitter asked Musk how he would finance the Twitter deal.
The fact that Musk decided to pull out of the Twitter agreement was not altogether unexpected.
His tweets suggested that he was no longer interested in the purchase in a number of instances. Musk originally announced that he had put the acquisition on hold in a tweet. He then threatened to back out of the agreement, stating Twitter had not provided any information on spam bots.
Finally, on July 9, he called off the agreement. Twitter, on the other hand, is not in the mood to let Elon Musk get away with it. Twitter has taken legal action to prevent him from cancelling the agreement. Bret Taylor, the chairman of Twitter, announced on the social media platform that the company intends to sue Musk for abandoning the $44 billion transaction.
“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,” Taylor wrote.
Musk, whose ironic humour is rarely missed, made fun of Twitter for pressuring him to move forward with the acquisition. Musk shared a meme on Twitter and said:
“They said I couldn’t buy Twitter. Then they wouldn’t post bot info. Now they want to force me to buy Twitter in court. Now they have to disclose bot info in court.”
According to sources, after publicly declaring his intention not to acquire Twitter, Twitter has filed a lawsuit against Musk, alleging that he is contractually required to do so.
Musk claimed that Twitter did not give him accurate information on the bogus and spam accounts on the social media network, which was one of the main reasons he pulled out of the Twitter arrangement. Additionally, he claimed that Twitter withheld details regarding its procedures for locating and suspending accounts.