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HomeCrypto NewsTwitter's Legal Team Is Going To Sue Elon Musk For Pulling Out Of Deal

Twitter’s Legal Team Is Going To Sue Elon Musk For Pulling Out Of Deal


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Twitter attorneys are gearing ready to push through a settlement with Elon Musk

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Twitter, a social media platform, is reportedly considering filing a lawsuit against Elon Musk, the CEO of Tesla, as early as this week. Musk made public on July 8 his plan to back out of the $44 billion deal to purchase Twitter.

According to a story that was published by Bloomberg on July 10th, the corporation has retained the legal services of the corporate law firm Wachtell, Lipton, Rosen & Katz and plans to bring the matter before the Delaware Court of Chancery, which is a non-jury trial court in the state of Delaware that deals with issues related to corporate law.

Earlier on, the legal firm that represents the CEO of Tesla filed a letter to Twitter in which it said that Twitter seems to have made false and misleading promises when Musk agreed to acquire the business on April 25 and that it has broken several clauses of the original agreement. The letter was delivered in response to Twitter’s denial of the allegations.

Concerns have been raised by Musk’s team over spam bots on the platform, and the crypto enthusiast has long been threatening to back out of the arrangement if the firm is unable to demonstrate that fewer than 5 percent of its daily active users are spam bots.

Crypto Twitter Is Not Happy With Elon’s Decision

Musk’s move to walk away from owning Twitter has generally made the network’s crypto community unhappy, who backed his intentions to eliminate all spam and scam bot accounts from the microblogging platform. Musk has said that one of his core plans is to remove all spam and scam bot accounts from Twitter.

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A survey conducted by the cryptocurrency trading platform OKX on July 8 indicated that 38.8 percent of respondents believed that the growth of spam bots would be detrimental to Crypto Twitter in the event that Elon Musk abandoned his quest. Nonetheless, the plurality of respondents, 40.4%, said that they didn’t care.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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