Elon Musk has mocked Twitter for taking him to court for backing out of his $44billion takeover with a series of memes. The billionaire, who is 51 years old shared one showing a picture of Chuck Norris at a chess board with one pawn confidently staring down a full set of black pieces. Another appeared to poke fun at Twitter for taking legal action because it means they will have to disclose the spam bot details that he wants.
There was a series of comments and pictures of him laughing on the right-hand side that was shared. This incident happened after Musk backed out of his deal on Friday because Twitter refused to hand over information on the number of fake accounts on its site. But Musk quickly hit back and said it would be dragging him to Delaware Chancery Court to try to force through the merger. Even when Musk appeared at the Sun Valley Conference in Idaho on Saturday but finally spoke out through the memes, he, who is the world’s richest man completely avoided the topic.
After Twitter hired a large New York-based law firm to sue Elon Musk over his decision to terminate a USD 44 billion deal, the CEO of Tesla and SpaceX mocked the platform with a series of memes. According to The Hill, Twitter hired a large New York-based law company named Wachtell, Lipton, Rosen & Katz LLP as they are preparing to sue Musk. It is the first time investors have been able to react to Musk’s announcement on Friday that he wanted to pull out of the deal. Musk, who is also the CEO of the electric car firm Tesla even announced plans to buy Twitter in April, but the deal was put on hold a month later due to a row over the number of fake accounts on the platform.
The original merger agreement includes a $1bn break-up fee, but instead of pushing for Musk to pay the sum, Twitter wants the businessman to compete in the deal. “The Twitter board is committed to closing the transaction on the price and terms agreed upon with Elon Musk,” as it was said by chairman Bret Taylor wrote in a tweet.
What was the earlier background on the doomed Musk/ Twitter deal?
When Musk and Twitter first signed the deal, both sides agreed to pay a termination fee of $ 1 billion in the event that either backed out for specific reasons. Musk even agreed to pay the fee if he isn’t able to secure the funding he needs to complete the takeover — which he hasn’t so far. And also Twitter agreed to pay the fee if it found another buyer or if its board recommended that stockholders vote against Musk’s offer. Since Musk is claiming that Twitter breached the terms of the deal by not being coming about critical business information as it pertains to bots, it’s clear he is trying to get out without paying anything. Also, the breakup fee isn’t mentioned in outlining his rationale for backing out of the deal.
Meanwhile, Twitter stock prices to are sinking after waking up to the news that Musk has abandoned the deal. The shares fell 5.3% to $34.95 in premarket trading, on track to erase about $1.4 billion in market value, after Musk backed out of his agreement to buy the company and take it private. Shares in Tesla, Musk’s electric carmaker, surged 1% after swinging between gains and losses.
