Though, after knowing all this and Elon’s decision to cancel buying Twitter, the board of Twitter hit him back with a bang on Friday. Similarly, he 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.”
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.
— Bret Taylor (@btaylor) July 8, 2022
Bret Taylor stated that Musk has to pay $1 billion for canceling the deal as per the legal statements and law. It is not easy to just walk away like it is nothing at all.
Elon Musk’s lawyers also said they are not responsible for this. They also refuse to pay the money for canceling the deal. Further, they sent letters to the board committee in which it was written,
“Sometimes Twitter has ignored Mr. Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information.”
Also, Carl Tobias, a professor at the University of Richmond said,
“It discombobulated their whole operation. It’s going to be tough for Twitter to weather this.”
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Though, Musk has gained 100 million followers recently on Twitter after announcing that he is buying it. Similarly, legal experts said that Elon was ready to buy Twitter as it was. However, Elon is not agreeing with this.
He further claimed that the company’s finances as a potential reason to get out of the deal, as the company’s “declining business prospects and financial outlook.” And, Twitter’s stock price was trading at around $37 Friday after making the announcement.