Social networks ridiculed to the richest man in the world, Elon Muskafter he was photographed bare-chested, showing extremely pale skin, while enjoying a party on a yacht off the Greek island of Mykonos.
The Space X founder, 51was trying to catch some rays with his friends, to get some color on his skin, Before his legal showdown with Twitter Inc. and a week after the social network initiated a lawsuit to try to force him to acquire it.
A Tesla investor posted a photo on Twitter with the caption: “This is the man who will change the world for the greatness of humanity.” Musk responded by laughing at himself: “Haha, damn it, maybe I should take my shirt off more often… Free the nipple!”
Later, the CEO of Tesla assured his investors that “he was already back in the factory.”
This Tuesday, July 19, a legal battle between Twitter and Musk opened after a US judge set the deadline for October. beginning of the process of the company against the tycoon to force him to buy the social network for 44,000 million dollars.
The platform turned to a specialized business law court in the state of Delaware, after Musk abandoned the purchase agreement, which included a termination clause.
The tycoon unilaterally undid the agreement on July 8, after claiming that Twitter’s board of directors had not provided reliable information on the number of false accounts active on the network. In his lawsuit, Twitter precisely accuses Musk of “hypocrisy” and “bad faith.”
“After putting on a big show to go on Twitter, and proposing and then signing a merger agreement, Musk thinks he is free (…) to change his minddefame the company, disrupt its business, destroy the value of its shares, and wash their hands,” the company’s lawyers explained.
Timeline of Elon Musk’s Failed Twitter Buyout in Five Steps
1. The purchase of shares
On April 4, Elon Musk revealed in a document filed with the SEC, the US stock exchange regulator, that he had acquired about 73.5 million common shares of Twitter, 9.2% of the company’s market value.
The following day, the CEO of the social network, Parag Agrawal, announced that the head of the electric car manufacturer Tesla has joined the board of directors of Twitter. But on April 10, he reported that Elon Musk has resigned from being part of it.
2. The offer
Within days, the eccentric businessman put on the table an offer to buy the entire company at a price of $54.20 per share, a proposal revealed on April 14 by a document filed with the SEC. He then stated that it was “his best offer from him and his final offer from him”.
Twitter initially resisted, announcing on April 15 that it had approved a so-called “poison pill” clause, under which the Californian group was willing to sell its shares to all other shareholders to prevent Musk from snapping up the shares.
But the group’s board of directors ended up giving in and on April 25 announced a definitive purchase agreement by the businessman of South African origin.
On April 29, the SEC revealed that Musk sold 9.6 million Tesla shares for about $8.4 billion.
On May 5, the executive claimed to have also raised $7.14 billion in funding, thanks to investors such as Oracle co-founder Larry Ellison and Saudi prince and businessman Al Walid bin Talal.
From there, the situation became increasingly murky.. Elon Musk first assured on May 10 that he was going to allow former US President Donald Trump (2017-2021), whose account had been suspended after haranguing his supporters during the assault on the Capitol on January 6, to rejoin activity on the network.
On May 13, he stated that he was canceling the offer due to his concern about the number of fake accounts on the social network, causing the group’s share price to fall by 20%. But a while later he maintained that he was still “committed” to buying the company.
On May 16, he responded to Parag Agrawal, who was trying to explain on Twitter the measures taken to combat fake accounts, with a poop emoji.
On June 6, he withdrew his offer again because the social network “actively resists” your requests for information about spam and fake accountssomething that the platform flatly denied.
But on June 16, he met with Twitter employees, assuring them that he was aiming to reach one billion users and reiterating his desire to reduce moderation on the network, raising concerns among workers.
5. The resignation
Finally, on July 8, the head of Tesla and SpaceX informed Twitter that he was canceling the deal due to “false and misleading” information about the company. In response, Twitter’s board of directors announced a lawsuit to enforce the terms of the agreement.
On July 12, arguing that Elon Musk’s strategy is “a model of hypocrisy” and “bad faith,” Twitter filed its lawsuit in a specialized business law court in the State of Delaware. A first hearing on the matter should be held this Tuesday.
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“Free the nipple!”: Elon Musk sunbathed on a yacht while the Twitter purchase was shipwrecked