twitter saga elon musk drags jack dorsey and legal fight elon musk has served former twitter ceo jack
dorsey with a subpoena in search of information that will allow him to stop the purchase of the
massive social media platform for the agreed upon 44 billion dollars will this help them out
let's find out hello everyone and welcome back to elon musk evolution where we keep you up to date
on all the latest news and gossip related to our favorite south african billionaire elon musk and
his globally renowned companies in today's video we will find out how and why musk drags former ceo
and longtime friend jack dorsey in this other episode of twitter saga but before we proceed
don't forget to subscribe to our channel and click on the bell icon so you don't miss out on any
of our amazing videos in the future according to court documents made public on monday dorsey
was served with a legal order requiring him to provide musk with any communications or documents
related to the april takeover agreement as well as information about false or spam accounts and
how twitter calculates the number of active users the subpoena requests anything dorsey has on the
topic since january of this year tesla's ceo elon musk the world's richest man has accused
twitter of deception claiming that the company misled him about key aspects of its business
specifically the number of accounts that are actually spam or automated bots rather than
people in the latest development in elon musk's feud with twitter the tech billionaire has cited
a whistleblower report as yet another reason to sell his stake in the social media platform in an
explosive report published last week peter zatko a renowned hacker hired by twitter in 2020 claimed
that twitter is unable to control fake so-called bot accounts and employs antiquated security
software zapko was hired following a high-profile hack attempt that targeted 130 prominent profiles
musk's new justification for pulling out of his deal is the latest in what is shaping up to be an
epic legal battle that'll go to trial in october what brought the world's most controversial
businessman and the social media behemoth to court let us untangle the situation for you
why are they fighting in court musk has fought azalea banks jeff bezos and his own shareholders
but it is his battle with twitter that has captured the world's attention musk's preferred
platform faring his views causing drama and alluding to far-right sympathies is twitter
and he began to show a financial interest in his pet playground in april of this year musk
announced on april 4 that he had purchased 9.1 percent of twitter stock setting the company's
value up 38 percent and setting tongues wagging about the eccentric entrepreneur's future plans in
response the firm provides musk a board seat which would have undoubtedly energized board meetings
but would have limited musk's potential stock ownership to 15 percent musk finally turned down
the offer and filed a report with the securities and exchange commission that notably removed his
previous commitments to be a passive partner and to limited stock ownership to 14.9 percent
this sparked wild speculation that musk's refusal of a board seat paved the way for his outright
purchase of twitter with many pearl clutching at the prospect of one of the platform's most chaotic
users becoming its indispensable editor-in-chief on april 14 suspicions and fears were confirmed
ten days after his initial share purchase announcement musk informed twitter and
the rest of the world of his final offer of 54.20 cents per share for the entire company
for a grand sum of 44 billion dollars twitter accepted musk's offer on april 25th with ceo
parag agrawal declaring twitter has a purpose and relevance that impacts the entire world
we are extremely proud of our teams and inspired by the work that has never been more critical
meanwhile musk moved to sell some of his tesla stock in order to facilitate the cash transaction
what motivated musk's desire to acquire twitter musk's motivation for purchasing twitter has been
debated in the press and you guessed it on twitter with everyone and their mother offering their
thoughts musk claims that he wants to protect free speech and that the takeover is motivated by
ideology rather than financial gain free speech is the bedrock of a functioning democracy and twitter
is the digital town square where the issues vital to humanity's future are debated musk said in a
statement following the announcement of the deal muzz insisted at the time that twitter needed to
go private in order to make the necessary changes his suggestions for improving twitter included
adding new features like an edit button reducing the moderation of extreme content reducing the
number of spam bot accounts and making twitter's algorithm open source to increase customer trust
and the run up to musk's takeover attempt right-wing fox news host tucker carlson
essentially begged musk to buy twitter claiming that he was the last hope for conservatives
who wanted to express themselves freely online republican senators who have long claimed they
are unfairly censored on the platform applauded the announcement of the agreement how do twitter
employees feel about musk's buyout while the takeover made headlines shareholders executives
and twitter employees were all watching with their own interest in mind while twitter
considered the offer agrawal attempted to reassure employees during a q a that there would be no
performance-based layoffs but he couldn't make any guarantees about employee stock options musk later
gave an hour-long talk to the staff which numbered around 8 000 people in which he provided few
concrete answers on layoff concerns working from home plans or a vision for what a future twitter
might look like meanwhile agrowall was busy firing top executives like kayvon bakepour and bruce falk
as well as putting a hiring freeze in place in a memo to staff agrowall stated our purpose is
existential during this period of transition it is critical that we continue to strengthen our work
through increased accountability and execution in order to make twitter the best it can be
board members were reportedly concerned about the potential takeover and considered a poison
pill to prevent the sale if this had happened it would have allowed shareholders to buy more
stock at a lower price reducing the interest of a hostile buyer why is musk withdrawing
from the twitter deal by june musk and twitter's outlook were far from rosy which is saying a lot
the agreement was made under the condition that twitter's claim of having less than five percent
bot users on its platform be verified according to musk when it came to producing evidence the
company was less than forthcoming after weeks of complaining that twitter wasn't being transparent
about the bot issue musk threatened to pull out of the deal on june 6. musk's legal representatives
wrote to twitter mr musk believes that the company is actively opposing and undermining his
information rights and the company's corresponding obligations under the merger agreement
twitter responded saying we intend to close the transaction and enforce the merger agreement at
the greed price and terms however the lack of trust in the threat of global recession
was corroding the deal and on july 8th musk filed with the sec to officially withdraw from the deal
claiming that twitter still refused to provide the data he needed to make an independent assessment
of the bots on the social media platform what happens next for musk and twitter in the aftermath
twitter filed a lawsuit against musk attempting to compel him to complete the transaction the company
suit filed in the u.s state of delaware where twitter is incorporated tells the story of musk
coming in with a sweetheart offer but panicking when the market began to turn due to events
beyond the company's control according to twitter musk requested no assurances about bots before
making the offer and has stated publicly that the platform blocks 1 million spam accounts every day
the lawsuit emphasizes that musk was given information about bots more information than
was even due due to the billionaire under the terms of the april deal musk responded with the
typical witty tweet oh the irony lol and at the beginning of august filed a countersuit alleging
that twitter had committed fraud the trial is shaping up to be nasty with twitter poking
around musk's finances to find an alternative reason for him pulling out of the deal and musk
alleging the platform is swarming with unaccounted for spam accounts hey we really hope you enjoyed
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