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'Good riddance!': Elon Musk trolled for pulling out of $44bn deal as Twitter threatens to SUE him

'The people who believed Elon Musk was gonna buy Twitter are the same people still waiting on Trump’s healthcare plan,' joked one Twitter user

Billionaire mogul Elon Musk, broke the headlines when he announced that he was interested in buying Twitter. Fast forward to the $44 billion deal, Musk is now planning to back out as Twitter failed to provide him with information on bots and spam accounts. On the other hand, Twitter's board chair, Bret Taylor, threatened Musk that they would take legal action and make the merger happen.

The recent security filings on Friday, July 8, the 51-year-old Tesla Motors CEO accused the social media platform of not sharing the desired information on data on the number of the bot and spam accounts on Twitter, the company's methodology for calculating user numbers, and backup materials detailing its financial valuation. Musk claimed in this letter that he was privy to this information as per the information rights under Section 6.4 of the Merger Agreement. Musk's buyout letter further said, "This information is fundamental to Twitter's business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr. Musk’s financing and financial planning for the transaction, and to engage in transition planning for the business."

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The letter further read, "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 filing also mentions the dates when Musk requested the information. It read, "Mr. Musk sought the same information in letters dated June 6, 2022, June 17, 2022, and June 29, 2022. In each of these letters, Mr. Musk referenced his information rights under Section 6.4 of the Merger Agreement. Twitter has thus been on notice of the information sought by Mr. Musk—and the contractual bases for these requests—for two months."

Twitter threatens Elon Musk with 'legal actions'

Twitter has long held its ground claiming that less than 5% of its users are bots and spam users ever since it became a public company. However, Musk's advisors did their calculations and determined that it's more than 5%, saying the number is "wildly higher than 5%." The deal between Twitter and the SpaceX founder has been dangling over the edge for almost 2 months now. However, this recent security filing shows that Musk is finally pulling out of the deal. But it isn't resting well with the 2nd party involved in the translation. Twitter's 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."

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Elon Musk continued to slam Twitter in his recent filing, accusing them of "deviating from its obligation." The letter further reads, "Twitter also did not comply with its obligations under Section 6.1 of the Merger Agreement to seek and obtain consent before deviating from its obligation to conduct its business in the ordinary course and “preserve substantially intact the material components of its current business organization.” Twitter’s conduct in firing two key, high-ranking employees, its Revenue Product Lead and the General Manager of Consumer, as well as announcing on July 7 that it was laying off a third of its talent acquisition team, implicates the ordinary course provision."

This news, however, is not a 'news' for many people on the Internet as they already predicted that the deal will blow over. One user said, "The people who believed Elon Musk was gonna buy Twitter are the same people still waiting on Trump’s healthcare plan." Another user wrote, "So when Elon Musk pretended to buy Twitter and exclaimed  “anything that comes out in the next few weeks is a political hit-job” — was all to cover up for having twins with his employee?"

One user who was sure this would happen tweeted, "The people that thought Elon Musk would buy Twitter are the same people that thought Trump would build the wall and have Mexico pay for it." Another user wrote, "Republican Elon Musk has terminated his Twitter deal. What did Elon gain from this charade? Nothing. His Tesla stock plummeted, he lost every liberal customer, and he embarrassed himself on the global stage. Another MAGA conman who failed to deliver on his promise. Good riddance!"

One user mocked the situation claiming Musk burned his cash on the way over to buy Twitter, saying "Actually Elon Musk had every intention of going through with buying Twitter but there was an incident when he was on his way over with the cash..." Another user wrote, "Elon Musk likes to do two things on Friday nights: 1. Knock up employees 2. Pull out of Twitter".

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.