Elon Musk’s plan to buy Twitter has hit yet another roadblock – despite the deal seeming to be decided.
This is the second time this year the Tesla mogul has looked to take over the social media platform and after months of consideration and back-and-forth, it looked like an agreement had finally been reached on Tuesday (October 4).
But a new spat has broken about between Musk and Twitter execs as old wounds resurface from the SpaceX founder's previous buyout attempt.
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Meanwhile Twitter employees dreading the billionaire's takeover are on a knife's edge with some threatening to walk if the billionaire's takeover is completed after Musk revealed his plans for the social media company on Twitter earlier this week (October 4).
Musk wrote: "Buying Twitter is an accelerant to creating X, the everything app," and employees were quick to share their skepticism.
One disgruntled employee wrote: "Living the plot of succession is f***ing exhausting.
"I am sitting on 2023 company-wide strategy readouts and I guess we are going to collectively ignore what’s going on."
Meanwhile journalist Tom Gara said: "Virtually every Twitter employee I’ve spoken to in the last six months has told me that he or she plans to leave if Mr. Musk takes over."
Musk came close to completing the buyout back in April of this year but backed out at the last minute, citing the number of spam accounts on the platform as his reason for abandoning the deal.
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This led Twitter to sue him in an attempt to force him to follow through with the acquisition, causing the world's richest man to counter-sue.
Musk, Twitter's largest shareholder, resumed the $44bn (£40bn) deal in September and seemed close to finally completing the purchase.
However the deal found itself on rocky footing once again when Musk's lawyers accused Twitter of refusing to accept the agreed bid.
Musk’s representatives called for a planned trial, due to start on October 17 over the billionaire's initial failed takeover, to be scrapped while the renewed deal was being finalised.
Twitter execs denied the company had rejected the bid and accused the Tesla founder of looking for "an open-ended out", stating the mogul refused to accept the "contractual obligations" of his April agreement.
Musk’s attorney wrote in a court filing: "Twitter will not take yes for an answer.
"Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders’ interests."
While Twitter’s shareholders have given the renewed deal the thumbs up, one expert said they are right to keep the court date fixed as a way of preventing Musk from backing out of the deal again.
Eric Talley, a Columbia University law professor, tweeted that Twitter "is absolutely right not to take 'yes' for an answer, and everyone knows why.
"They tried that in April and it didn’t go so well."
The court date has been provisionally pushed back to October 28 while the details of the takeover are finalised.
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