The IT Nerd

As I type this, Twitter stock is down about 9% which is significant. And there’s a reason why it’s basically in free fall. The company has lawyered up to sue Elon Musk over the absolute gong show that his attempt to take over Twitter was. Reuters has the details:

Twitter Inc has hired U.S. law firm Wachtell, Lipton, Rosen & Katz LLP as it prepares to sue Elon Musk and force him to complete the $44 billion acquisition of the social media company, according to people familiar with the matter.

Musk, the chief executive officer of Tesla , on Friday terminated his deal, saying Twitter had failed to provide information about fake accounts on the platform, after which Twitter’s chairman, Bret Taylor, vowed a legal fight.

Twitter is planning to file a law suit early this week in Delaware, people familiar with the matter said.

Honestly, I am not surprised that this is happening. Musk is a loose cannon who has really played this whole episode badly. And given the fact that he got slapped SEC for a similar stunt where he said that he was going to take Tesla private, but didn’t, you can’t be surprised that we’re now in a place where the lawyers are going to make out like bandits. Though based on this, he doesn’t see it that way and isn’t taking this seriously:

This is a reference to see data on the number of bots on the platform. Which Twitter did serve up to him in a very interesting way. And it’s also the reason why he wants to terminate the deal. Though some people see that as an excuse to escape from this without paying a dime in penalties. Maybe if he worked on his business acumen as much as his Twitter memes, he might not be staring down the barrel of a lawsuit at present.

This entry was posted on July 11, 2022 at 1:59 pm and is filed under Commentary with tags Twitter. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.