Musk is attempting to back out of his bid to buy the social network.
He will either have to pay a billion dollar fine or go to court.
That is something that is ready to happen.
The board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and will pursue legal action to enforce the merger agreement. The Delaware Court of Chancery is where we are confident we'll win.
Musk could be forced to go through with the deal.
Musk's team claims that he didn't get enough information on how many accounts there are on the social media network, an excuse he has already used to undermine the validity of the agreement.
The company's shares fell by seven percent in extended trading today after the billionaire announced his plans to invest in the company.
The announcement will likely lead to a lengthy legal battle.
The humor of the situation was picked up by other people on the internet. "I think we can safely say this is the only time that Musk has pulled out," one user joked, referring to the fact that Musk has now had nine children with three women.
Musk ended his bid to buy the micro-blogging site.
There is more on the story.
All Rights Reserved © 2024
