Elon Musk writes SEC to force his exit from Twitter takeover deal

The takeover of Twitter by the CEO of Tesla, Elon Musk, has taken a new dimension. In the latest development, Elon Musk has sent another letter to the United States Securities and Exchange Commission threatening to pull out of the deal. As stated in the letter, Musk is “delivering this additional termination notice if the July 8 termination notice is determined to be invalid for any reason.” 

The letter states that the premises of the argument therein must be considered supplementary to the one the Billionaire wrote last month. The letter notes that it doesn’t intend to affect the deal’s termination. Instead, it comes to strengthen the claims inscribed in the previous one. Therefore, creating a linking bridge between the two filings. 

How The Crypto Space Is Counting On The Takeover

Meanwhile, crypto enthusiasts have been in the waiting queue since Elon Musk first announced his intention to acquire the micro-blogging app. For crypto, the takeover is definitely a crucial one. This is due to Twitter’s role in its emergence into the global scene. Both Elon Musk and Twitter are prominent actors in the crypto space. Their influence in the crypto space weighed in when the value of Dogecoin soared by 30% when Musk pushed his interest in Twitter further. 

There are high hopes for the future of Twitter regarding its contribution to the crypto space. Before the takeover began, Twitter incorporated a feature allowing users to connect their Bitcoin wallet to their Twitter account. Around September 2021, Twitter announced that users could now add their Bitcoin address to their Twitter Profile. A subsequent development followed by February 2022, when Twitter announced that Ethereum wallet addresses could also be added. The Micro-blogging app embracement of digital assets didn’t end there.

Early this year, Twitter announced the inclusion of using NFTs as a profile picture on the app. Then, only Paying Twitter Blue users on IOS were allowed to use the feature. Nevertheless, with the addition of these features, Twitter set the tone for other social media to follow suit. Now, Facebook and Instagram have incorporated a new feature that allows users to upload their virtual assets collectibles.

How the legal tussle has dashed the hopes

With Elon Musk, a crypto enthusiast at the affairs of Twitter, the whole of the industry believers were hopeful of positive tidings. Unfortunately, the increasing drama surrounding the takeover has dashed these hopes. Elon Musk put the takeover deal on hold around May, raising concerns about the number of fake accounts on the platform. The takeover process hit bottom when Elon Musk disclosed his intention to pull out of the deal. The Tesla CEO argued that Twitter Inc.’s details during the takeover were misleading.

Elon’s action spurred Twitter to sue him in a bid to force him to complete the deal. In reaction, Elon Musk initiated a counter lawsuit spurring a series of legal actions from the two parties. The case hearing has been slated for a five-day court session in October, in which the court would determine if Elon Musk could pull out of the deal.

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