News broke late yesterday that mega-billionaire wingnut Elon "Twit" Musk notified Twitter that he is "terminating" his $44 billion deal to purchase the social media site. As fellow MAGA mooks wept, having believed they would re-populate Twitter with their white supremacist / seditionist rage under Musk, the billionaire claimed that Twitter had breached the agreement because they failed to provide business information to him ( i.e., the percentage of spam accounts). Twitter is determined to force Musk to close the deal at the agreed-upon price, and will take him to court. From CNBC's report:
"Under the terms of the agreement, Musk agreed to pay $1 billion if he backs out. But as Twitter's board chair indicated they would do, the company can seek to hold Musk to his original deal by suing him for walking away if they dispute that his reasoning should let him out of the contract.
Twitter has reason to seek to hold Musk to his original terms. The stock has fallen considerably since the board announced it had accepted his offer to buy the company at $54.20 per share. On the day of that announcement, the stock ended the trading day at $51.70 per share. Twitter shares sat at $36.81 as of Friday's market close."
Musk also has significant financial problems, as Business Insider reports:
"In the months since he announced his intention to buy Twitter, Elon Musk's net worth — which is tied largely to Tesla stock — has fallen by $65 billion.
Tesla stocks, which were $998.02 per share on April 25, the day he announced his plan to buy Twitter, have fallen more than 24% and closed today at $752.29 each. While the stock market has faced significant fluctuations over the past months, Tesla's losses are greater than average. In comparison, the S&P 500 lost 9.2% in the same time period and the Dow Jones Industrial Average fell by 7.9%.
Musk's net worth peaked in November of last year at over $340 billion, according to Bloomberg, and fell to $197.1 billion last month — a 42% decrease." (our emphasis)
So we say, "Twitter, take him to court and get whatever you can. He'll still have billions to play with, but watching his continuing fall from the top of the heap is worth it."
(photo: Twits gonna twit. Getty Images)
