Elon Musk filed Friday with the SEC his intent to terminate his $44 billion acquisition of Twitter. But it will not be so simple for him to walk away. Or is this a ploy to get the social media company at a lower price?
From The Washington Post:
Musk’s lawyers accused Twitter of having “failed or refused to” hand over information that would help Musk and his team ascertain the true number of bots or spam accounts on the social media platform.
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Legal experts have said Musk can’t just walk away from the deal. His April agreement to buy the company included a commitment to go through with the acquisition unless there’s a major change to the business, and legal experts say nothing has happened to meet that threshold. Musk has previously threatened to scuttle the deal if Twitter didn’t give him more data to run his own analysis on how many spam bots it has, while Twitter has said it can’t give up personal information on its users like their names, emails and IP addresses, which it uses to come up with its own bot numbers.
No sooner had the breaking news alerts about Musk’s cold feet hit inboxes and Twitter feeds than the company announced its plans to sue him:
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