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Elon Muskis still trying to get out of his Twitter deal , this time with a termination missive citing a whistle blower ’s allegations against the societal media site . It all start with a tweet from Musk saying he might create his own social media platform . Then , he secretly began buy shares of Twitter . He was invited to conjoin the board but turned it down . Musk put in his initial bid of $ 43 billion on April 14 . Next , Twitter match to a $ 44 billion offeron April 25 . It turned out that the wealthiest person in the world did n’t have that on hand to pay for Twitter . He then started sell Tesla line of descent and created other funding alternative to finance the purchase . It seemed like it was a done deal .
Related : Is Elon Musk Really Buying Coke ? The Coca - Cola Tweets , Explained
On Tuesday , Musk ’s legal team lodge a “ card of termination of the deal ” with the Securities and Exchange Commission ( SEC ) . The filing cites the Twitter whistleblower Peiter “ Mudge ” Zatko ’s allegation against the company about security protocol and not telling regulators and investors about the problem . allot toTech Crunch , Musk ’s team also subpoena Zatko , “ seek grounds concern to spam , security vulnerabilities , aver extraneous pies working at Twitter , and essentially anything that might help back Musk ’s case . ”
What’s Next In Elon Musk’s Twitter Saga?
While it ’s unclear if Zatko ’s allegation will help Musk ’s case , a tribulation is scheduled for Oct. 17 , 2022 . However , Musk render to check the proceedings , not wanting it to protrude before Feb. 2023 . At the same time , Twitter file a motion to expedite the case . The jurist grant Twitter ’s movement . Musk alleges that Twitter has done several things that infract their agreement . Musk has also done thing that could be considered a breach of declaration . As part of the flock , Musk was required not to speak badly about the fellowship , but he has tweeted several thing that would be consider a slight on the social media site . Their deal also state that if one party plump for out , they will have to pay the other $ 1 billion .
Twitter wants this to be done by Oct. 24 , which is when the contract says is the latest the deal can close down . The Musk / Twitter saga will terminate one agency or another . The court can rule that Musk must go through with the leverage , that Twitter did breach the declaration or that Musk did . The other question is , will one political party have to pay off the $ 1 billion if the deal falls through ? IfMuskis order to make up , he ’s sure to appeal or use his legal squad to get out of it .
Source : SEC filing , Tech Crunch
