Twitter Board Aims To Force Elon Musk Back To The Takeover Deal: “We Are Confident”

After Tesla CEO Elon Musk reneged from his much-talked about proposed Twitter (NYSE: TWTR) takeover, the social media platform’s board seems to be committed in making the controversial businessman honor the deal.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk,” tweeted Twitter chairman Bret Taylor.

Following Musk walking away from the deal, Twitter’s shares fell sharply by 7%.

The firm also said that it has planned to “pursue legal action to enforce the merger agreement,” which is currently valued at US$44 billion.

“We are confident we will prevail in the Delaware Court of Chancery,” added Taylor.

But Musk previously accussed Twitter of breaking the merger agreement first when it allegedly refused to hand over details surrounding the number of spam accounts on the platform. This follows after he threatened to halt the acquisition until the company proves that bot accounts make up only less than 5% of all user accounts.

“At this point, Mr. Musk believes Twitter is transparently refusing to comply with its obligations under the merger agreement, which is causing further suspicion that the company is withholding the requested data due to concern for what Mr. Musk’s own analysis of that data will uncover,” wrote Musk’s legal counsel, Mike Ringler, in a letter to SEC.

But beyond the legal response, Musk seems to be trolling Twitter on its own platform after he posted a meme that’s an apparent answer to the firm’s planned legal recourse.

Musk, currently the largest single shareholder with 9.6% equity, previously dropped the plan to finance the Twitter buyout with margin loans – looking instead to satisfy the purchase consideration of US$33.5 billion via a larger equity contribution instead.

Twitter last traded at US$34.24 on the NYSE.


Information for this briefing was found via Twitter and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Arizona Metals: The Disappointing Kay Mine Resource Estimate

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Polymarket Betting Shift Favors Trump, Sparks Speculation About High-Profile Backer

The cryptocurrency-based prediction market Polymarket has witnessed a shift in betting odds for the 2024...

Wednesday, October 9, 2024, 02:10:00 PM

ABC Walks Away from X/Twitter, Citing ‘Toxic Interactions’

Australia’s national broadcaster has decided to shutter the majority of its official accounts on the...

Saturday, August 12, 2023, 01:37:00 PM

xAI Seeks $4.3 Billion in New Funding as Monthly Costs Exceed $1 Billion

xAI is in talks to raise $4.3 billion in new equity funding while burning through...

Wednesday, June 18, 2025, 07:58:15 AM

NPR Walks Away from Twitter After ‘Government-Funded’ Label

NPR has become the first major news organization to officially walk away from Twitter after...

Thursday, April 13, 2023, 02:50:00 PM

Elon Musk Unloads $3.99 Billion Worth of Tesla Shares In Two Days

Elon Musk is evidently in need of some liquidity. The Tesla (NASDAQ: TSLA) CEO this...

Thursday, April 28, 2022, 10:30:01 PM