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A major legal battle, involving the crypto community’s preferred social media platform Twitter<\/strong>, and Dogecoin (DOGE)<\/a> advocate, Tesla<\/strong>‘s Elon Musk<\/a>, is in the works.<\/p>\n After the serial entrepreneur said he’s terminating his agreement to buy Twitter in a USD 44bn deal, the company vowed to fight back.<\/p>\n “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” Bret Taylor, Chairman of Twitter, said<\/a>, without elaborating any further.\u00a0<\/p>\n Musk accused the social media giant of breaching their agreement and making false statements<\/p>\n In a filing, Musk said<\/a> he has sought the data and information necessary to “make an independent assessment of the prevalence of fake or spam accounts on Twitter\u2019s platform.”<\/p>\n However, per the star entrepreneur, “Twitter has failed or refused to provide this information.”<\/p>\n “Sometimes Twitter has ignored Mr. Musk\u2019s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information,” according to the filing.<\/p>\n Meanwhile, per Reuters, Twitter has a strong legal case against Musk.<\/p>\n Delaware courts have set a high bar for acquirers being allowed to abandon their deals, but target companies often choose the certainty of a renegotiated deal at a lower price or financial compensation rather than a messy court battle that can last for many months, Reuters reported<\/a>, citing three corporate law professors.<\/p>\n “If it goes to court, Musk has the burden to prove more likely than not, that the spam account numbers not only were false, but they were so false that it will have significant effect on Twitter’s earnings going forward,” Ann Lipton, associate dean for faculty research at Tulane Law School<\/strong>, was quoted as saying. Learn more:<\/strong> – Elon Musk Could Renegotiate Twitter Deal as Bot Number ‘Unknowable as the Human Soul’<\/a> – Elon Musk May Launch Twitter IPO After Takeover – Report<\/a> – Here’s What Elon Musk Gets Wrong About Bitcoin and Dogecoin<\/a>
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– Elon Musk Eyes Twitter \u2018Digital Payments\u2019 Expansion, But Faces DOGE \u2018Pyramid\u2019 Legal Wrap<\/a>
– Elon Musk \u2018Looking for Excuse\u2019 to Ditch Agreement to Buy Twitter, Say Legal Experts After Fresh Bot Claims<\/a><\/p>\n
– Binance Backs Twitter Takeover with USD 500m, Musk Could Serve as Interim CEO<\/a><\/p>\n
– Elon’s Twitter: bluesky Keeps Independence, Dorsey Praises Musk, Market Awaits Next Step<\/a><\/p>\n
– Another Elon Musk-fueled DOGE Rally Ends With a Dump<\/a><\/p>\n<\/p><\/div>\n