Twitter to Musk: Pay Up
variety.comTodd Spangler NY Digital EditorHowever this tweetstorm ends, Elon Musk will come out a loser.This spring, the right-wing celebrity tech CEO agreed to pay $44 billion for Twitter — boasting that he would turn his favorite social media site into a bigger revenue machine and a bastion of “free speech.” (Critics interpreted that as Musk condoning a flood of misinformation and harassment.)A little more than 10 weeks later, Musk told Twitter he wanted to kill the deal.What happened?
After waiving his right to due diligence in the Twitter agreement, the entrepreneur complained that he suddenly needed verification of Twitter’s estimate that fake and spam accounts are less than 5% of its total user base.
On July 8, Musk’s lawyers accused Twitter of failing to provide necessary data after his repeated requests and claimed the company made “false and misleading representations.” Twitter called BS.
It sued Musk, demanding that the world’s richest person fork over the $44 billion he promised. Twitter’s lawyers say Musk simply has buyer’s remorse — after a sharp drop in the price of Tesla stock, which represents the majority of his net worth — and has acted in bad faith.
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