Elon Musk
Action Press/Shutterstockregardless of Elon MuskInitial plans to buy Twitter, the billionaire has changed his mind.
The 51-year-old Tesla CEO’s attorney posted a letter on the social media platform on Friday, July 8, of his intentions, according to CNBC.
In addition to withdrawing its merger agreement, Musk’s legal team alleged that Twitter is in “material violation of numerous provisions” after making false and misleading claims about the state of their business, according to a letter released by the SEC.
Twitter, for its part, has yet to publicly address the South African native’s allegations, but remained committed to signing the deal.
“Twitter’s board is committed to closing the transaction for the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement,” the board’s chairwoman said. Brett Taylor posted on Twitter Friday. “We are confident that we will prevail in the Delaware Cancer Court.”
The founder of Space X first announced earlier this year that he planned to buy the media company for an impressive $44 billion.
“Free speech is the foundation of a functioning democracy, and Twitter is the digital town square where issues vital to the future of humanity are debated,” Musk said in a press release in April. “I also want to make Twitter better than ever by improving the product with new features, open-sourcing the algorithms to increase trust, defeating spam bots and authenticating all people,” he explained. “Twitter has tremendous potential – I look forward to working with the company and the user community to unlock it.”
Musk, who previously bought a nine percent stake in Twitter, later revealed that his plans were on hold.
“Twitter is temporarily put on hold pending details that support the calculation that spam/fake accounts actually represent less than 5% of users,” the businessman. posted on Twitter in May. “Still committed to acquisition. To find out, my team will take a random sample of 100 @twitter followers. I invite others to repeat the same process and see what they discover.”
Musk, who is one of Twitter’s largest shareholders, made headlines earlier this week The insider reported that he had welcomed a pair of twins with the Neuralink executive Shivon Zilis in November 2021.
“Doing our best to help the underpopulation crisis,” he tweeted on Thursday, July 7, confirming the news. “A declining birth rate is the greatest danger facing civilization. … I hope you have big families and congratulations to those who already have!”
The arrival of Musk’s 8-month-old twins makes him a father of 10. He also has twins Vivian and Griffin, both 18, and triplets Kai, Saxon and Damian, all 16, with ex-wife Justine Wilson. Musk and Wilson, 49, also had their late son, Nevada, before the newborn died of sudden infant death syndrome at 10 weeks. Musk later welcomed son X AE A-XII, 2, and daughter Exa Dark Sideræl, 7 months, with musician Grimes. (Exa was born via surrogate in December 2021, a month after Zilis, 39, welcomed her children.)
