It has been confirmed that Twitter will pursue legal action against Elon Musk for terminating the merger agreement. It was announced earlier this year that Elon Musk planned to acquire Twitter for $44 billion, promising some sweeping changes for the social media platform. The idea was to allow more “freedom of speech”, meaning people would be able to speak more freely without getting banned. It was never specified what this would look like exactly, however. Reports also suggested that Elon Musk was looking to monetize Twitter in certain ways, but again, nothing was ever concrete and everything was pretty fast and loose. In May, it was confirmed the Twitter and Elon Musk deal was on hold so that Musk could investigate the amount of fake accounts or spam bots on the platform.
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.
