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https://currently.att.yahoo.com/news/musk-abandons-deal-buy-twitter-134452060.html
TheGrio
Musk abandons deal to buy Twitter; company says it will sue
Associated Press
Sat, July 9, 2022
Elon Musk blames inadequate information about bots for reason to cancel $44 billion deal to acquire the social media platform
Elon Musk announced Friday that he will abandon his tumultuous $44 billion offer to buy Twitter after the company failed to provide enough information about the number of fake accounts. Twitter immediately fired back, saying it would sue the Tesla CEO to uphold the deal.
The likely unraveling of the acquisition was just the latest twist in a saga between the world’s richest man and one of the most influential social media platforms, and it may portend a titanic legal battle ahead.
Twitter could have pushed for a $1 billion breakup fee that Musk agreed to pay under these circumstances. Instead, it looks ready to fight to complete the purchase, which the company’s board has approved and CEO Parag Agrawal has insisted he wants to consummate.
In a letter to Twitter’s board, Musk lawyer Mike Ringler complained that his client had for nearly two months sought data to judge the prevalence of “fake or spam” accounts on the social media platform.
“Twitter has failed or refused to provide this information. 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,” the letter said.
Musk also said the information is fundamental to Twitter’s business and financial performance, and is needed to finish the merger.
In response, the chair of Twitter’s board, Bret Taylor, tweeted that the board is “committed to closing the transaction on the price and terms agreed upon” with Musk and “plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.”
Court of Chancery...hmmm...
When I read that, I thought: "more like "Court of Chicanery"
then I read further down the article:
Groups opposing the takeover from the outset — including those advocating for women, minorities and LGBTQ people — cheered Friday’s news.
“Despite what Musk may claim, this deal isn’t ending because of Twitter bots or spam accounts. This deal is collapsing because of Elon Musk’s own erratic behavior, embrace of extremists and bad business decisions,” said Angelo Carusone, president of Media Matters, a left-leaning nonprofit watchdog group that’s been critical of Musk’s Twitter bid.
Musk, he said, “made it clear that he would roll back Twitters’ community standards and safety guidelines, which would turn the platform into a fever swamp of dangerous conspiracy theories, partisan chicanery and white supremacist radicalization.”
(There goes that word chicanery again - ha ha)
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