Surprise: Elon Musk Pulls Out Of Twitter Purchase
Elon Musk is an egomaniacal freak who thought he might buy the social media app while fantasizing about having “control” over a place where so many people make fun of him. Of course, we all knew he’d pull out at the last minute once someone explained to him that he’d literally be flushing $44 billion down the toilet. Via CNBC:
Billionaire Elon Musk wants to end his $44 billion deal to buy Twitter, according to a letter sent by a lawyer on his behalf to the company’s chief legal officer Friday.
But Twitter’s board chairman Bret Taylor said the company is still committed to closing the deal at the agreed-upon price and plans to pursue legal action to enforce the agreement.
“We are confident we will prevail in the Delaware Court of Chancery,” Taylor wrote.
In the letter, disclosed in a Securities and Exchange Commission filing, Skadden Arps attorney Mike Ringler charged that “Twitter has not complied with its contractual obligations.”
Ringler claimed that Twitter did not provide Musk with relevant business information he requested, as Ringler said the contract would require. Musk has previously said he wanted to assess Twitter’s claims that about 5% of its monetizable daily active users (mDAUs) are spam accounts.
“Twitter has failed or refused to provide this information,” Ringler claimed.
[CNBC]
Twitter will never be profitable for anyone, so I hope they force him to proceed with the deal and he loses the $44 billion.
