Elon Musk who is the richest man in the world and a frequent guest on the Forbes list, has announced his desire to purchase the social media firm Twitter.Last the month of April Musk made an offer to acquire Twitter at a price of $44 billion. Musk stated then that the intention was to turn the service into a place that allows free speech.Three months after, Musk withdrew his offer because Twitter did not provide sufficient information regarding the amount of fake, or false, accounts.The agreement to buy Twitter will require Musk to pay $1 billion to the company in the event he doesn’t close the transaction. Twitter has however opened an action in court, also known as a lawsuit, in order to make it more difficult for Musk to complete deal. deal.This last week Musk said to Twitter in an email that he was looking to complete the deal in the manner they had previously agreed in April. He also demanded the end of this legal proceedings that is expected to begin within under two weeks Delaware. Delaware.Twitter said it would like to conclude this deal with $54.20 per share, after receiving Musk’s letter. The social media giant has not stated if it would close the case against Musk.
Andrew Jennings is a professor at Brooklyn Law School. He said to that the Associated Press, “I don’t think Twitter will give up its trial date on just Musk’s word — it’s going to need more certainty about closing.” Jennings pointed out that Twitter could be also concerned that Musk might be acting merely to delay legal process.
Musk has attempted, but unsuccessfully tried to delay the process two times before.
Musk’s argument for the Twitter deal
Musk declares that Twitter did not accurately measure fake accounts it lists on their site.In July Musk said he had the right to terminate the agreement without penalty since the amount of false accounts was significantly higher than the Twitter estimate that it was less than 5 per cent users. The amount of accounts that are active is crucial for advertising rates as well as the overall worth that the site provides.
However, the Chancellor Kathaleen McCormick, the Delaware court’s chief judge, was likely to focus the case on the contract with Musk as well as Twitter and any possible changes that might end the agreement since it was made on April.In this same month an ex- director of security for Twitter initiated legal proceedings against the company.
Peiter “Mudge” Zatko, said the company was deceiving its employees regarding its attempts to manage fake accounts and improve its cyber security.
What made Musk alter his mind after this?
It wasn’t immediately evident why Musk decided to not pursue the court battle. However, Eric Talley, a law professor at Columbia University said he was not shocked at Musk’s choice. He added, “On the legal merits his case, it didn’t appear at all strong.”Musk will make an oath in Court on Wednesday. Also, Talley said “a number of unsettling facts would be coming out.”The Tesla and SpaceX founder could also face rising costs. If he loses in the court, the judge might not only make him shut down the deal, but might require interest payments which will increase the cost.Musk and his associates haven’t responded to inquiries from media outlets about the latest proposal to conclude this Twitter deal.A user of Twitter, Musk wrote on the social media site on the night of his death: “Buying Twitter is an accelerant to creating X, the everything app.” Musk did not offer further information.
Elon Musk says he’s purchasing Twitter to help humanity
In an email, Mr Musk stated that he did not buy the company “to increase profits. I made the purchase in order to aid humanity, which I love”.The businessman is due to finish his work on Friday in order to finish the $44 billion (PS38bn) purchase of Twitter or face going through a trial.The tweet sent to advertisers on Twitter states that Musk had “acquired” the firm.However, there’s been no formal confirmation from Twitter that the transaction is completed.Earlier this week Musk released a video showing himself entering the Twitter headquarters, carrying a sink leading to speculation about his plans for the company. “Entering Twitter HQ – let that sink in!” Musk wrote. Musk wrote.In business terms, “kitchen sinking” means the taking of a drastic action within an organization, but it’s not known what Mr Musk’s intention – he modified the information on his Twitter bio to be “chief twit”.In his most recent tweet the tweeter Musk laid out his plans for Twitter, stating that Twitter should become “warm and welcoming for all”.
He said he wants “civilization to have a common digital town square” however he says that the platform won’t follow a “no-limits” policy. “Twitter cannot become a free-for-all hellscape where anything can be said with no consequences!” He also stated that the platform should follow regulations that govern that land.Mr Musk has said the social media website needs major changes.It wasn’t clear if Mr Musk has met with Twitter executives on Wednesday when the trip was made using a sink, but he noted his address on the map as Twitter Headquarters located in San Francisco on the social media platform.When Mr. Musk first announced plans to purchase Twitter in the beginning of his speech, he claimed he was looking to get rid of accounts that were spamming the platform, and keep its status as a platform to express free speech.
But Mr. Musk the world’s wealthiest man, and known as a frequent Twitter user famous for his reckless behavior was adamant about the deal just a few weeks later, citing worries that the amount of fake accounts that were on the platform was greater than Twitter claimed.Twitter management rejected the claims, arguing that Musk was not the cause. Musk was looking to leave because he was concerned about the cost.