It’s hard to keep up with Elon Musk’s on-again-off-again relationship with Twitter – the current relationship status is decidedly off. Musk cites a material breach in the original agreement (namely, failure to accurately disclose Twitter’s spam and bot activity) and has announced he will not buy the company. However, Twitter’s board says Musk will have to close the deal and they are prepared to take the matter to court. The news sent Twitter’s stock tumbling.
Musk mocked the company (on Twitter – adding insult to injury):
“They said I couldn’t buy Twitter. Then they wouldn’t disclose bot information. Now they want to force me to buy Twitter in court. Now they have to disclose bot information in court.”
But there is more – Twitter announced it would sue Musk for breach of the purchase agreement, especially due to the downward spiraling stock price attributed to Musk’s comments.
“Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value,” Twitter said.
CNN Business writer Rob Wile wrote: “Twitter, whose headquarters is in San Francisco, is suing Musk in Delaware, where its business is registered and where many civil suits involving businesses are often heard. In this case, Twitter will ask a judge to force Musk to make good on his offer to purchase the company at the $44 billion price the two sides agreed upon.” Wile added that Musk had numerous meetings with Twitter in efforts to obtain information regarding spam and bots without receiving the information. Not so says Twitter, insisting they have provided reliable information on how they research and estimate spam and false accounts.
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Exhibit 99.1 Spirit Airlines Reaffirms Commitment To Merger With Frontier Reiterates Recommendation That Stockholders Vote For The Merger Agreement With Frontier On The White Proxy Card Ahead Of The Special Meeting Of Spirit Stockholders
Parties Enter Into Amended And Restated Merger Agreement To Confirm Due Diligence Process Is Successfully Completed for MICT, INC., MICT, Inc, Tingo Inc
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