Elon Musk broke the rules of the Twitter deal: here’s what we know so far

Elon Musk

We all know that Elon Musk has bought all the shares of Twitter, making him the new owner of the social media company. The $44 billion purchase was completed on April 25, with both the buyer and seller of the company signing the agreement and filing it with the US Securities and Exchange Commission.

Musk buys all the shares of Twitter, but it will take him a few months to become the sole owner of the company.

Musk is currently bound by a contract with Twitter, and if he decides to terminate the agreement, he will face a $1 billion fine. Both parties agreed to certain standards of behavior for a period of time before the deal closes, according to the agreement. However, Musk appears to have already broken some rules.

OK, when can Musk back out of the deal? One way is if there is a “material adverse effect” (something really bad happens to Twitter). But NOT if it’s COVID that’s bad, or if social media is freaking out 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 have the right to post Tweets about the Merger or the transactions contemplated herein, provided such Tweets do not disparage the company or any of its representatives,” according to the agreement.

The deal 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 leading Twitter censorship advocate who notoriously lit up the world with the Joe Rogan podcast and blocked the Hunter Biden laptop story, is pretty furious over the @elonmusk takeover,” wrote popular journalist Saagar. Enjeti in a screenshot of his article.

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Oh man, this is amazing. No random public announcements (that’s normal), except that Elon Musk can 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 delicious to ignore. /9 pic.twitter.com/57ltmUIwAI

—Raffi Melkonian (@RMFifthCircuit) April 26, 2022

“Suspending the Twitter account of a major news organization for posting a genuine report was obviously wildly inappropriate,” Musk said during the same trial.

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Source: vtt.edu.vn

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