What was the actual deal?
In late April, Elon Musk and Twitter approved a plan that Musk will purchase Twitter. The deal was confirmed at $44 billion, and both agreed but a month later the blame game begins on both sides.
Why did musk feel the cold feet on Twitter?
After finalizing the deal in May, Musk delayed the deal and pressured Twitter will disclose to its users how many of them are bots or spam. Musk sent a message, his lawyers mentioned that if twitter will not publish the required information then Musk will discontinue the deal.
Musk claimed on Twitter that the number of bogus accounts could estimate at 20%, quadrupling Twitter’s measure.
Musk confessed that he was annulling the contract because Twitter infringed the contract by declining to answer back the requests for data respecting fraud or spam accounts on Twitter, which is essential to its business execution.
Musk was instructed to discontinue the contract due to numerous infringements in the deal agreement.
Twitter annulled all statements of Musk
Twitter furthermore alleged Musk for privately acquiring stakes in the company without publishing his significant investments to controllers.
Twitter named the justifications illustrated by Musk as Excuses.
Bret Taylor, the chairman of Twitter informed, The Twitter Board said they were devoted to securing the agreement on the expense and conditions decided with Mr. Musk and intends to continue lawful action to carry out the unification agreement.
Twitter has pleaded to the Delaware court to order Musk to execute the consolidation at the collective $54.20 per Twitter stake.
Twitter charged the chief of Tesla and SpaceX Elon Musk for terminating the $44 billion deal. The social platforms named it Musk’s withdrawal strategy “a prototype of duplicity”.
This case has affected one of the billionaire businessmen and social media giants Twitter.
Lawful experts are defending Twitter at this time, it looks like Twitter is nominated to win this battle.