Since the Tesla CEO signed on the dotted line, Twitter expects him to pay up.
According to the company, the dip reduced Musk’s personal wealth by $100B and at the same time, Twitter’s value also dropped, placing his offer even further over the app’s actual market value.
As TMZ puts it, “His offer suddenly looked ridiculous, and that’s the only reason he wanted out.”
For his part, the father of nine has been using Twitter’s spam bot accounts as his excuse, though they’ve called that “a model of hypocrisy” seeing as Musk made it very clear (very publicly) that “[defeating] the spam bots” is one of the reasons he wanted to buy the platform to begin with.
Earlier this month, the chair of the app’s board, Bret Taylor, tweeted, “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.”
Since the 51-year-old signed on the dotted line, Twitter wants to ensure that he comes through with his agreed-upon payment of $44B and is now taking legal action to make it happen.
Oh the irony lol
— Elon Musk (@elonmusk) July 12, 2022
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