Twitter is suing Dogecoin fan Elon Musk for abandoning its $44 billion takeover decision. For this purpose, he hired Wachtell, Lipton, Rosen & Katz, according to Bloomberg. The social media company is aiming to file a lawsuit earlier this week, according to unidentified people. Here are the details…
Lawsuit against Dogecoin fan Elon Musk
Twitter, the social media platform, is reportedly considering suing Tesla’s CEO Elon Musk earlier this week. As we reported on Kriptokoin.com, Musk announced his plan to withdraw from the $44 billion deal to buy Twitter on July 8. The firm has hired the legal services of corporate law firm Wachtell, Lipton, Rosen & Katz, according to a report by Bloomberg on July 10. He plans to take the matter to the Delaware Chancery Court, which is an outlaw.
Earlier, the law firm representing Tesla’s CEO sent a letter to Twitter, saying that when Musk agreed to take over the business on April 25, Twitter made false and misleading promises and violated several clauses of the agreement. The letter was sent in response to Twitter’s denial of the allegations. Concerns have been raised by the Musk team about spambots on the platform. The crypto-enthusiast was threatening to terminate the deal unless the firm could show that less than 5 percent of its daily active users were spambots.
What do users in the crypto space think of Musk’s decision?
Musk’s move away from owning Twitter has made the crypto community unhappy, which generally supports the network’s intentions to remove all spam and fraudulent bot accounts from the microblogging platform. Musk said that one of his main plans is to remove all spam and fraudulent bot accounts from Twitter.
In a regulatory filing after the official market closed on Friday, Musk announced that the company plans to walk away from its $54.20 share offer to buy Twitter, alleging it misrepresents user data. Twitter Head Bret Taylor responded by promising to enforce the deal, promising it would be a tough court fight. Twitter shares closed at $ 36.81, down 5.1% in official transactions. It fell another 4.8 percent in post-market activity to about $35.
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