Elon Musk is ready to pull out of his $44 billion deal to buy Twitter, as reported on Friday by multiple platforms. Twitter has reacted in an aggressive manner, willing to take Musk and Co. to the Court, suing them for this late-stage back out. The micro-blogging platform has also issued an internal memo to its employees asking them to stay away from the saga, and not to comment or tweet anything on the sale deal.
Musk in his defence has claimed that Twitter was in ‘material breach of their agreement and had made ‘false and misleading statements during the negotiations for the sale were ongoing.
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The internal memo sent to the employees was sourced by The Verge in its report, and here is the full letter,
Team,
Today we received a notice of purported termination from Elon Musk, and the Twitter Board issued the following statement in response (see our Chairman Bret Taylor’s Tweet here):
“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.”
Given that this is an ongoing legal matter, you should refrain from Tweeting, Slacking, or sharing any commentary about the merger agreement. We will continue to share information when we are able, but please know we are going to be very limited on what we can share in the meantime.
I know this is an uncertain time, and we appreciate your patience and ongoing commitment to the important work we have underway.
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Elon Musk lodged the formal offer of $44 billion to buy Twitter more than 2 months back. Musk has been proactive on the platform, sharing his opinion on Twitter and what changes are required to make the app successful in the market. He has also sought details about the number of spam accounts hosted on Twitter and also how they plan to monetise the app among the millions of users on the platform.
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