Twitter management announced that it has applied to the court to complete the agreement regarding the purchase of the company by Elon Musk on the terms previously announced and agreed upon.
The Twitter Board is committed to closing the deal at the prices and terms agreed with Musk, and plans to take legal action to secure the purchase agreement. “We are confident we will win in Delaware Chancery Court,” said Bret Taylor, the company’s chairman of the board. said.
The Delaware Court of Chancery is the oldest court that administers commercial and other economic case law in the United States. The Chancery Court has broad jurisdiction over disputes relating to the internal affairs of such organizations, including companies and SMEs.
According to Elon Musk, the number of fake accounts on Twitter is 20%
On July 8, 2022, Elon Musk canceled the deal to buy the Twitter microblogging service. Under the terms of the deal, Musk will have to pay a $1 billion fine to the company if he refuses to buy Twitter. If Twitter initiates the termination process, compensation will be paid to the famous entrepreneur. The closing date for the transaction is October 24, 2022.
On May 13, 2022, Elon Musk announced that the Twitter acquisition agreement was suspended. Musk asked the company for the number of fake accounts on the social network and wanted to know if their number was less than 5% of all user accounts, as Twitter announced. Because, according to Musk’s tests, the number of fake accounts on the social network is much higher: 20%.
The main reason Elon Musk gave up on buying Twitter is that the company is not willing to openly share this important data with the famous entrepreneur.
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