Twitter sues Elon Musk for breach of contract
Bret Taylor, the board chair of Twitter, reiterated that the company is ready to ensure the completion of the buyout deal signed with Elon Musk in April at the agreed price. From the look of things, it seems that Mr. Musk is the only buyer available because we have not heard of the next highest bidder. The filings made by Elon’s lawyer explained in detail how Twitter has breached the contract that was made when Elon agreed to buy the company for a whopping $44 billion. Part of the filings was the firing of the high-ranked executives that Musk would have absorbed into his board if the deal went through. Majorly, the filings centred on spambot accounts that accounted for almost 5% of Twitter’s total users which is instrumental to the success of Twitter’s business.
The filings were triggered by multiple failed responses from Twitter to the lingering issues. Twitter’s stock began to twiddle the moment Mr. Musk agreed to buy the company. This is because investors were skeptical of Musk’s decision; he is known to be an unreliable buyer. Immediately Elon reached an agreement to buy the company for $44 billion, “will-he-won’t-he” tweets began to flood social media. However, Elon made a statement this morning that he was willing to pay above the stated breakup fee for the deal saga to end. However, the amount he is willing to pay on top of the $1 billion breakup fee is not yet known.