For the entirety of June and late May, Elon Musk’s decision to buy Twitter and make it a private company has dominated tech news. However, the most recent development is that the Billionaire is trying to back out of the deal. Why?
According to his legal team’s SEC filing, Musk doesn’t feel that the social media company is being honest about the deal.
“For nearly two months, Mr. Musk has sought the data and information necessary to ‘make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform. Twitter has failed or refused to provide this information,” the filing read.
With the several dramas the deal has generated and the internal shuffles that the company’s execs have no doubt carried out, Twitter may try to force the deal to go through. This development differs from the initial response to the revelation, which involved the company trying to tie up stocks to prevent the sale.
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Twitter board chairman Bret Taylor confirmed that the company would try to complete the deal, even if it involves legal means. In a Tweet, he wrote:
“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.”
According to reports, Twitter has done its best to comply with Musk’s transparency requests. For example, it opened firehose access to its service for Elon Musk’s team to analyze its contents. The Tesla boss’ team also claimed that some of the actions Twitter took following the deal’s announcement were not part of their agreement. According to them, the company had deviated from its usual course of business.
If Elon Musk fails to prove any wrongdoing on Twitter’s part, he may be forced to pay $1 billion to walk away from the deal.
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