US commission demands explanation from Elon Musk about intention not to buy Twitter

US commission demands explanation from Elon Musk about intention not to buy Twitter

After heating up the market with the news that he would buy Twitter, Elon Musk announced last Wednesday (13), his intention to no longer acquire the social network due to the lack of clarity in the reports regarding the number of bots and accounts. fakes that make up the total number of users of the platform.

As provided for in the contract, the act of withdrawing from the agreement by one of the parties results in the payment of a fine equivalent to US$ 1 billion, an amount that, in this case, must be paid by the CEO of Tesla if the Court deems the open case to be valid. against Elon Musk in the Delaware Court of Chancery.

In this unusual case, The United States Securities and Exchange Commission (SEC) began analyzing posts made by the billionaire on his Twitter profile. in order to identify possible tweets in which Musk highlighted his interest in not complying with the offer to acquire the company for $44 billion.

According to information from the authorities, in one of the posts the businessman tells the market that “the agreement [de compra do Twitter] may not move forward”, a statement that suggests the premeditated intention to discontinue the purchase process after Twitter’s shareholders have accepted the takeover offer, an attitude considered illegal.

Elon Musk. (Photo: Reproduction).

In summary, the regulatory body’s intention is to identify whether in May, the month in which the messages were published, Elon Musk intended to discontinue the agreement and did not communicate the other party. Rebutting the accusations, the billionaire’s defense reinforces that the published text is not enough to confirm the premature plan to end the purchase.

While the US court does not release an opinion on the impasse, the billion-dollar transaction remains embargoed. In a public statement, Twitter states that:

Having put on a public show to put Twitter on the line, and having proposed and signed a seller-friendly merger agreement, Musk apparently believes that he, unlike all other parties subject to Delaware contract law, is free to change his ways. idea, destroy the company, stop its operations, destroy the value of its stock and walk away.”

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