Twitter says it will not let Elon Musk go as “Dogecoin CEO” terminates the deal
A major legal battle, involving the crypto community’s preferred social media platform Twitterand Dogecoin (DOGE) spokesman, TeslaElon Musk, is at work.
After the series’ founder said he was terminating the deal to buy Twitter in a $ 44 billion deal, the company promised to strike back.
“The Twitter Board is committed to terminating the transaction on the price and terms agreed with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will win in the Delaware Court of Chancery,” Bret Taylor, Chairman of the Board Twitter, sowithout elaborating any further.
Musk accused the social media giant of breaking their agreement and making false statements
In an archive, Musk said he had searched for data and information needed to “make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform.”
However, according to the star founder, “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 providing Mr. Musk with incomplete or useless information,” according to the archive.
Meanwhile, according to Reuters, Twitter has a strong lawsuit against Musk.
Delaware courts have set a high bar for buyers to be allowed to leave their contracts, but target companies often opt for the security of a renegotiated deal at a lower price or financial compensation instead of a messy lawsuit that can last for months, reported Reuters. cites three company law professors.
“If it goes to court, Musk has the burden of proving more likely than not that the spam account numbers were not only fake, but they were so fake that it will have a significant effect on Twitter’s revenue going forward,” Ann Lipton, associate dean of faculty research at Tulane Law Schoolwas quoted on.
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