We all know that Elon Musk has purchased all of Twitter’s shares, making him the new owner of the social media company. On April 25, the purchase was completed for USD 44 billion, and both the buyer and seller of the company signed the agreement and filed it with the US Securities and Exchange Commission.
Musk does buy all of Twitter’s shares, but it will take a few months for him to become the company’s sole owner.
Musk is currently bound by a contract with Twitter, and if he decides to terminate the deal, he will face a penalty of $1 billion. Both sides have agreed to certain standards of behavior for a period of time before the deal closes, according to the agreement. Nonetheless, Musk appears to have already breached a few regulations.
OK, when can Musk pull out of the deal? One way is if there's a "material adverse effect" (something really bad happens to twitter). But NOT if the bad thing is COVID, or social media going to pot in general or, and this is interesting, if there's a backlash about Elon Musk. /7 pic.twitter.com/i9oYcbYDNj
— Raffi Melkonian (@RMFifthCircuit) April 26, 2022
“Investor shall be entitled to publish Tweets about the Merger or the transactions contemplated hereby so long as such Tweets do not denigrate the firm or any of its representatives,” according to the agreement.
The arrangement was reached on April 25, and the next day, Musk sent a post to Twitter staff that could be construed as insulting.
“Vijaya Gadde, the chief censorship advocate at Twitter who notoriously gaslit the world on Joe Rogan’s podcast and blocked the Hunter Biden laptop story, is quite furious about the @elonmusk takeover,” wrote popular journalist Saagar Enjeti in a screenshot of his piece.
Oh man this is amazing. No random public announcements (that's normal) except Elon Musk is allowed to tweet about the deal (lol) but not if he insults Twitter. I'll get back to the previous topic in a second, but this was too delightful to ignore. /9 pic.twitter.com/57ltmUIwAI
— Raffi Melkonian (@RMFifthCircuit) April 26, 2022
“Suspending the Twitter account of a major news organization for publishing a genuine report was obviously tremendously inappropriate,” Musk said during the same trial.
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