Elon Musk, CEO of Tesla, startled everyone by rejecting the Twitter acquisition offer. Twitter has also paved the way for a legal conflict with Elon Musk. In order to sue Elon Musk, Twitter has retained Wachel, Lipton, Rosen & Katz LLP, the biggest law firm in New York.
Actually, Elon Musk had a deal to pay $ 44 billion to acquire Twitter. It was later canceled by Elon Musk. According to Musk, the deal has been delayed due to a number of violations of the contract.
The team behind Tesla CEO Elon Musk thinks that more than 5% of Twitter is made up of spam and phony accounts. According to Elon Musk’s letter, Twitter has broken several of the agreement’s terms, which is why Elon Musk is terminating the contract.
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Where did this matter start?
Musk startled everyone on April 13 by announcing the acquisition of Twitter. He made a bid to purchase the social networking network for $44 billion, or $54.2 per share. This was made known in the April 13 filing. Elon Musk, though, placed the Twitter deal on hold on May 13. A spam account and a false account caused this problem. In fact, Twitter claimed that only 5% of users have spam accounts on its site in an SEC filing from the beginning of May. Between Twitter and Musk, there was disagreement about this issue.
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Musk chose to renege on the agreement on July 8. He chose to back out of the agreement and accused him of spreading “misinformation” regarding bogus Twitter accounts. At the same time, the CEO of Twitter has threatened to sue Musk for breaching the agreement.