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Elon Musk Just Pulled a Fast One on Twitter Withdraws Offer to Buy Twitter

Was it all a bad joke for Elon Musk?

Developing story

Elon Musk withdraws his offer to buy Twitter, and it is likely to end up as one of the most expensive out-of-court settlements or a very long legal battle between the world’s richest man and Twitter.

According to a regulatory filing Friday evening, a lawyer for Musk claimed in a letter to Twitter’s top lawyer that he is terminating the deal because Twitter (TWTR) is “in material breach of multiple provisions” of the original agreement, which was signed in April. — Source: CNN

Elon Musk, the chief executive officer of Tesla (TSLA.O) and the world’s richest person, said on Friday he was terminating his $44 billion deal to buy Twitter (TWTR.N) because the social media company had breached multiple provisions of the merger agreement.

Twitter’s chairman, Bret Taylor, said on the micro-blogging platform that the board planned to pursue legal action to enforce the merger agreement. — Reuters

Not only is Elon Musk the world’s richest man, but he also happens to have a commanding voice on Twitter. He has his army of minions, and many Trump supporters and the far-right have gravitated toward him and see him as their messiah of free speech.

But was he only tripping, I mean ego-tripping when he announced that he is buying Twitter at a premium price, a deal that was supposed to be worth $44 billion?

It’s a done deal — April 25, 2022

It’s a done deal. Twitter is now in the private hands of Elon Musk, the richest man in the world. He doesn’t need any introduction; Elon Musk is a brand in himself.

The man behind Tesla is now the man who has the power to change the way conversations happen on Twitter.

Aside from being one of its most popular users with over 90 million followers, his tweets can make or break the price of Bitcoin, make fun of Bill Gates and make women see red, and call him out for his misogyny.

Everyone was taken by surprise when he announced his $43 billion bid to take Twitter private. The Twitter Board adopted the “poison pill” to thwart what the Board believed was a hostile takeover.

It only took 11 days and it was a done deal. The final price was $54.20 a share and the takeover was worth $44 billion. — Excerpt, Ev Williams on Elon Musk the New Twitter Owner by Napoleon.

But today Elon Musk grabbed the headlines with his reported withdrawal from the $44 billion deal to take Twitter private — because he claims there are too many bots and spam on the beleaguered social media platform.

So, what happened to the chivalrous claim of Musk being the champion of free speech?

All about free speech

If we believe Elon Musk, his $44 billion Twitter buyout is motivated by his support for free speech. He has publicly chastised Twitter for consistently censoring users who violate the platform’s rules. In a recent TED talk, he stated that there should be an inclusive arena for free speech. — Excerpt, Ev Williams on Elon Musk the New Twitter Owner by Napoleon.

With the deal in peril, Jack Dorsey is set to lose the $270 million he was supposed to make from the sale, to which surprisingly he was very supportive.

“In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company, however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.” — Jack Dorsey.

Even Medium CEO Ev Williams was supposed to make some money from the sale as one of the founders of Twitter. At the time the deal was announced he had this to say,

I’m “excited to see what happens” with Elon Musk at the helm.

Will he or will he not, that is the question

Even before the dust settled, a few days after the deal was announced Musk was already having second thoughts, was the deal overpriced?

And on May 13th,

Elon Musk tweeted;

Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users — Source: Twitter

Although he tweeted that he is committed to the sale, the shares of Twitter tumbled 18%, as soon as Musk hit the send button.

Final words

There is no doubt that it will be messy. Twitter lost a quarter because of the uncertainty that the hostile takeover by Elon Musk brought upon the company.

In the world of tech companies, a quarter is like an eternity.

Elon Musk demanded a lot of things, and he got some of his demands. Yet look where he is leaving the company that was supposed to be the inclusive arena of free speech as he said in a TED event.

Elon Musk loves to be the center of attention like the world revolves around him. He tweets daily, sometimes multiple tweets. He can make a meme coin gain or lose value, the same is true with Bitcoin.

His Twitter feud with Bill Gates is legendary. It is full of drama. He not only uses Twitter to feed his minions what they want to hear, but the Trump supporters also love him every time he has something to say against Joe Biden.

We all know that billionaires are ganging up on Joe Biden, and another Musk wannabe, Jeff Bezos keeps on firing tweets against the US President.

The upper 1% uses Twitter to feed the right-wing Conservatives something to chew on until one-day chaos will reign in the US.

These two billionaires can afford to leave the US in chaos, as they have space rockets to send them to space, or even to the moon.

What happens next? Only Elon Musk can answer that question, to his minion, the millions of Trump supporters who drank the kool-aid that the Twitter deal means to their Conservative agenda, none of you must be surprised

Isn’t Musk like Trump, he gets away with everything?

If only Elon Musk followed the words of Tom Hanks, this mess wouldn't be costing him $1 billion if Twitter wins in court because of a provision in the contract that Musk signed with the Twitter Board.

Back the F*CK Off — Tom Hanks

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