It is no longer news that Elon Musk pulled out of his deal with the Twitter board of directors to purchase the application. Now he is facing accusations from the board of the application that the reason behind his pull-out is Tesla’s plummeting stocks. According to their allegations, Elon’s pull-out is to offset his $44 billion deficit enquired from this what-to-be purchase.
After the pull-out, Twitter took it upon itself to sue the billionaire in other to force him to buy in or give compensation. This buyout took its toll on Elon Musk’s wealth and possibly his empire. The billionaire at first seemed very adamant in his voracious takeover.
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At the early stages of this acquisition, the Twitter board of directors weren’t willing to give in to Musk’s desires. But, once the $44 billion offer came, they gave in and things went into motion. Suddenly came the issue of bots and the actual figure of Twitter’s yearly users, and then the deal hit a bumpy ride.
There isn’t any clear reason why Elon Musk is stepping out of his purchase. He took to his Twitter account to troll the company once it made plans to take the matter to court. From the image Musk posted, we can see some traces of the bot account issues being the reason for his pull-out.
Well, the Twitter board of directors isn’t having any of that as they point to his company’s shrinking stocks as the issue. Tesla stocks took a dip due to certain factors, one of which is the production process. At this point, taking either side on this matter won’t be ideal, we need to watch how events play out. Truthfully, both ends of this bargain aren’t getting it easy, Tesla stocks are dwindling and so is that of Twitter.
