Many users speculated that Twitter might ban Elon Musk from the social media site after it was announced on Friday that he planned to back out of the deal.
The Tesla CEO indicated that he wasn’t happy with the information about bot and spam accounts on the platform, then took things one step further when he accused the company of fudging the numbers and misrepresenting the amount of “fake” accounts on their website.
Twitter board chair Bret Taylor tweeted that the company planned to take legal action against Musk, but it seems that Musk thinks he’s going to get the “last laugh” after all.
Elon Musk: ‘Now They Want To Force Me To Buy Twitter In Court’
— Elon Musk (@elonmusk) July 11, 2022
The world’s richest man, at least according to Forbes, posted four panels that show his face laughing harder beside each block of text. The first reads, “They said I couldn’t buy Twitter.” The second reads, “Then they wouldn’t disclose bot info.” The third reads, “Now they want to force me to buy Twitter in court.” The fourth reads, “Now they have to disclose bot info in court.”
Although the SpaceX founder seems really hung up on the number of bots on the platform, it’s worth noting that Musk said that he also wants to back out of the contract after Twitter fired a number of key executives last month. Musk claims the company did so without consulting him, which is a breach of their merger agreement.
To be fair, Twitter already put in a safeguard to plan for Musk potentially backing out of the deal, charging him a $1 billion dollar “break-up fee” if he failed to see it through to completion. That being said, Twitter may also owe Musk a $1 billion dollar break-up fee if they are found in violation of the merger agreement. Musk says they are and wants to back out of the contract altogether, but Twitter wants to go through with the deal.
Twitter Board Is ‘Committed’ To Closing The Deal, Will Pursue Legal Action
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
On Friday, Twitter board chair Bret Taylor 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.”
However, many analysts – and Twitter users – have questioned if the $44 billion dollar price tag is worth forcing Musk to potentially buy a company that he doesn’t want.
I’m sure there are legal/fiduciary reasons you have to say that, Bret. But if I was still on the board, I’d be asking if we can just let this whole ugly episode blow over. Hopefully that’s the plan and this is ceremony.
— Ev (@ev) July 9, 2022
Entrepreneur Evan Williams tweeted, “I’m sure there are legal/fiduciary reasons you have to say that, Bret. But if I was still on the board, I’d be asking if we can just let this whole ugly episode blow over. Hopefully that’s the plan and this is ceremony.”
Do you really want to be owned by someone who doesn’t want to own you though?
— Paul Graham (@paulg) July 8, 2022
Computer programmer Paul Graham added, “Do you really want to be owned by someone who doesn’t want to own you though?”
Other analysts have theorized that the case will probably not end up going to court and the two sides will settle at a later date. Others have speculated that Elon Musk still intends to go through with his Twitter purchase, and he is just using the information about the bot and spam accounts on the platform to get Twitter to lower the price, considering shares of Twitter are selling far below the $54.20-per-share price that they agreed upon back in April.
— Elon Musk (@elonmusk) July 11, 2022
Although it’s hard to know what Elon Musk is thinking right now, he certainly wants to make it look like he has the upper hand. Early on Monday morning, he tweeted a photo of Chuck Norris playing chess with the word, “Chuckmate.”