Not Over Yet! Twitter Hires 'Poison Pill' Creators To Coax $44 Billion Out Of Elon Musk
The world's richest man initiated a deal with Twitter in April when Musk offered to buy all of Twitter's shared for $54.20 each. Not much later, we noted a shift in Musk's feelings.
Twitter has no plans to let Elon Musk off the hook easily after the Tesla founder pulled out of a $44 billion deal. The world's richest man initiated a deal with Twitter in April when Musk offered to buy all of Twitter's shared for $54.20 each. Not much later, we noted a shift in Musk's feelings.
What started out as a rant against bot spam accounts on Twitter turned into a deal breaker for Mr. Musk, who had apparently lost interest in buying Twitter on Friday. Twitter says that only 5% of its total accounts make up spam bot accounts, but Musk claims the number is much higher.
¡ª Elon Musk (@elonmusk) July 11, 2022
Getty
Twitter will fight Musk
In the middle of this whirlpool, Twitter has decided to legally pursue Elon Musk after his abrupt pullout from the deal. The social media company has hired US law firm Wachtell, Lipton, Rosen & Katz LLP in hopes of forcing Elon Musk to complete the $44 billion deal, Reuters reported.
Reuters
Also read: From Hostile Takeover To Running Short Of Excuses To Back Out, How Musk's Twitter Deal Fell Apart
One of the firm's founding partners, Martin Lipton, is the person crediting for inventing the "poison pill" defence, the same method Twitter once wanted to deploy to escape Musk's buyout.
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.
¡ª Bret Taylor (@btaylor) July 8, 2022
Musk will reportedly be represented by Quinn Emanuel Urquhart & Sullivan, the same firm that defended Elon Musk against British researchers Verns Unsworth over Musk's "pedo guy" comment. The firm also defended Musk when Musk once Tweeted about taking Tesla private without having any intention of doing the same.
Reuters
Also read: Elon Musk Wants Twitter To Become Less 'Boring' By Imitating TikTok And WeChat
What do you think about the war between Twitter and Elon Musk? Let us know in the comments below. For more in the world of technology and science, keep reading Indiatimes.com.
References
Reuters. (2022, July 11). Twitter hires law firm Wachtell to sue Musk after pulling out of $44 billion deal.
Ganjoo, S. (2022, July 11). Twitter to fight back Elon Musk with firm that invented Poison Pill defence. BGR India.
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