Musk had been trying for months to back out of his contract to acquire Twitter. Find out more.
Musk’s proposal to match the original deal terms means Twitter is facing a future under the leadership of a mercurial billionaire who has spent months publicly criticizing its management and questioning its value. It also means that his claims — about how many of Twitter’s users are bots, for instance — are not likely to be scrutinized in a courtroom.
Musk had been trying for months to back out of his contract to acquire Twitter, signed in April. Musk began showing signs of buyer’s remorse shortly after the deal was announced, alleging that Twitter had misled him about the size of its user base and the prevalence of automated accounts known as bots.Article content
Parag Agrawal, CEO of Twitter, walks to a morning session during the Allen & Company Sun Valley Conference on July 6, 2022 in Sun Valley, Idaho.Musk formally quit the accord in July and Twitter sued him in Delaware Chancery Court to force him to go forward with the purchase. A trial is scheduled to begin Oct. 17. In the weeks-long run-up to that showdown, lawyers for both sides have fired cannonades of subpoenas at each other aimed at teasing out testimony and evidence.
Musk’s side needed to demonstrate that Twitter violated the terms of the deal. Twitter alleged that Musk used the bots issue as a pretext for backing out a deal he no longer found economically sound. Musk’s legal team was getting the sense that the case was not going well, as Judge Kathaleen St. J. McCormick sided repeatedly with Twitter in pre-trial rulings, according to one person familiar. Even with the late emergence of a Twitter whistleblower who alleged executives weren’t forthcoming on security and bot issues, there were concerns Musk’s side would not be able to prove a material adverse effect, the legal standard required to exit the contract.
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