Elon Musk Faces Fresh Troubles in Twitter Deal!

Sat May 07 2022 15:02:55 GMT+0530 (India Standard Time)

Elon Musk surprised everyone with his decision of buying the social media giant Twitter. The Twitter sale is in news for all the reasons. Many people including famous people are raising their voices against Elon Musk buying Twitter saying that the freedom of speech might be in danger and asking how can Elon Musk stop the spread of fake news.

Raising a new doubt, Microsoft co-founder Bill Gates said that Twitter could be worse under the ruling of Elon Musk. A few international media outlets said quoted Bill Gates as saying that, Twitter could turn worse after it goes under the control of Elon Musk. Bill Gates is the big name that raised his voice against Elon Musk taking control of Twitter.

As another big development, the Florida pension fund, one of the key stakeholders in Twitter had challenged the move with a lawsuit in which it had sued Elon Musk and Twitter. In its lawsuit, the firm said that the Twitter deal should not be closed before 2025.

The lawyers representing the fund told the Delaware Chancery Court that Elon Musk already has around a 10 percent share in Twitter and Elon Musk reportedly had agreements with the other major investors and that is why he is investing such a big amount in buying Twitter.

Citing the Delaware corporate law, the lawyers requested the court to see that the deal is closed only after 2025 as the situation of Elon Musk makes him an interested shareholder who cannot close the deal for three years.

If Elon Musk's deal gets effective, then it will change the status quo of social media giant Twitter at once. For the past few years, it has been serving as a partial public entity. But with his deal, Twitter would turn private entity at once.

While Elon Musk is on the verge of fulfilling his longtime dream of taking charge of Twitter, the ongoing developments suggest that either he might have to wait or he would have to wage a tough battle to ensure the deal. After Twitter said, teh deal was made, many employees expressed doubt about losing their jobs and a few key persons are likely to lose their jobs.