Elon Musk does not seem particularly worried about the legal proceedings launched against him by Twitter. Following the announcement of the cancellation by the billionaire, the social network has indeed declared that a complaint will be filed against the latter in order to force his hand. For his part, the main interested party prefers to take the matter lightly.
This is the question everyone is asking today, after Elon Musk announced that he wanted to cancel the takeover of Twitter. And now ? For the billionaire, the decision seems final: too many bots swarm on the platform according to him, and the initial proposal of 44 billion dollars no longer holds water. Not to mention the long battle that opposed him to the company to have access to precise data on the subject.
But for Twitter, the soap opera is still far from over. Shortly after the announcement, the social network indeed announced file a complaint against Elon Musk. The goal: to force the latter to go through with the transaction. The conclusion of this case could therefore be played out in court. On the one hand, the one who will have to justify ending a deal worth several billion dollars. On the other, his opponent who intends to hit the jackpot.
Related: Elon Musk Gets Humiliated on Twitter After Stealing Meme From Satirical Site
Twitter files a complaint against Elon Musk, he is not very worried
However, this alternative is not the only possible end to this story. Ronald Gilson, professor of law and commerce at Columbia University, thus evokes the possibility ofa financial agreement between the two parties. “A possible resolution would be for Musk to pay Twitter an amount that reflects the loss related to Musk not making the purchase”before pointing out that “the fight is only a question of money”.
However, this possibility is highly probable. Remember: shortly after the announcement of the takeover, we learned that a clause in the contract stipulates that if the transaction were to be canceled, the responsible party would have to pay the other $1 billion. But this clause reveals two other unknowns. First, Twitter could decide that this amount is not enough to repair the damage caused by this case.
In view of the roller coaster that Elon Musk’s interest in the social network has been in recent months, it would be difficult to prove him wrong. The bot affair has permanently tarnished the image of the platform which, to make matters worse, knows full well that it will never be able to obtain such a favorable market than the one proposed by the billionaire. Currently, the company is valued at $28 billion.
Also, the damages clause could lead to another conclusion. We could indeed witness what is called “specific execution”, a legal concept which, if used correctly by Twitter, would make it possible to force Elon Musk to buyout. In other words, if no agreement is reached between the businessman and the company by the time the court goes to court, it is quite possible that the takeover will be completed and that Elon Musk will become the new owner of Twitter.
Anyway, this eventuality does not seem to give Elon Musk a cold sweat. While the latter is already the subject of multiple legal proceedings, he prefers, as usual, take the situation lightly. Like a final provocation, the billionaire took to Twitter to poke fun at… Twitter. He just posted a meme—if you really call it that—showing him laughing out loud.
The text says the following: “They said I couldn’t buy Twitter. Then they didn’t want to provide the information about the bots. Now they want to force me to buy Twitter in court. They must now provide the information about the bots to the court”. That being said, we didn’t really expect much more from the principal.
Source: Mashable