Elon Musk Parties On A Yacht In Greece After Pulling Out Of Twitter Deal

Billionaire Elon Musk was spotted partying it up in Greece one week after making headlines for backing out of his $44 billion dollar deal to buy Twitter.

The world's richest man, at least according to Forbes, was photographed spending time with friends on a speedboat in Mykonos, Greece.

Elon Musk, 51, was spotted with a group of friends partying it up on a luxury yacht parked off the coast of Mykonos, Greece on Sunday.

Musk kept things casual in sunglasses, a green tee shirt, and navy shorts. He had previously spent time in Italy with his family, but it looks like none of his ten kids accompanied him on this trip.

It seems that Musk is having a great time on vacation. It's a little surprising that he would choose to take his trip now, considering that Twitter wants him to make good on his $44 billion dollar to buy the social media company, despite his attempts to back out of it.

As The Blast previously reported, the Tesla CEO started quietly buying shares of the social media company in January. By the beginning of April, he had become Twitter's then-largest shareholder. He spurned an offer not to buy up any more shares for a seat on Twitter’s board of directors.

In mid-April, he texted Twitter board chair Bret Taylor with an offer to buy Twitter for $54.20 per share. Although Twitter initially tried to adopt a "poison pill" defense to prevent the takeover, they soon changed their mind. By the end of April, they had made a $44 billion dollar deal to sell the social media company to Elon Musk.

However, financial analysts soon began to question if the deal was even going to take place. Musk started selling shares of Tesla in order to cover the $44 billion dollar deal, upsetting investors.

Soon after, the SpaceX founder seemed to express doubts about buying the company at all. He tweeted that the deal was "on hold," citing dissatisfaction with the numbers presented to him about the number of bot and spam accounts on the platform.

Earlier this month, the SpaceX founder and his team submitted a letter to the SEC officially stating that he wanted to "terminate" the deal, claiming that Twitter was in "breach" of their merger agreement.

Musk gave three reasons for backing out of the deal. The first reason he gave was that Twitter was not giving him the information that he requested on bot and spam accounts. He then took things one step further and accused Twitter of misrepresenting the number of bot and spam accounts on the platform to officials. For his third reason, Musk claims that he was supposed to be consulted when Twitter laid off key executives, as per the merger agreement. Musk claims that Twitter did not consult him when they fired a number of high-ranking employees last month.

In response, chairman Bret Taylor tweeted that the social media company would pursue legal action in order to force Musk to comply with the deal. A few days later, they made good on their word and filed a lawsuit in the Delaware Court of Chancery, which is known for resolving business deals quickly and without a jury.

In their initial merger agreement, each side could claim a $1 billion dollar "break-up fee" if one of them decided to terminate the deal. However, Twitter is asking a court to compel Elon Musk to buy Twitter and become the new owner of the site.

Financial analysts have questioned forcing Musk to buy a company that he no longer wants and many expect that the case will eventually be settled out of court. In the meantime, shares of Twitter dropped down to around $36.50 per share last Monday after Musk announced that he was backing out of the deal, far below the $54.20 per share he agreed to pay back in April.

Some analysts have speculated that Musk still intends to purchase the company and is simply taking advantage of the legal drama to drop the price from $44 billion dollars to a lower sum.

It remains to be seen how his drama with Twitter will play out, but it looks like his drama with former U.S. President Donald Trump is just beginning. Those interested can read more about their public feud here.