A brief history of social media
Twitter suing Elon Musk to enforce US$44 billion sale as he attempts to back out of deal
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Today, many people’s lives revolve around social media, for better or worse. Indeed, social media is arguably the most monumental technological advancement of the past 50 years. Its ability to allow the movement of information so easily couldn’t have been dreamt of several decades ago.
On Monday, April 25, controversial Tesla founder Elon Musk made a US$44 billion deal to buy Twitter, stating that he wanted to unlock its potential as a platform for free speech. However, in the following months, the billionaire's fortune took a major hit as Tesla share values plummeted. On July 8, Musk informed Twitter of his intention to terminate the purchase, on the basis that their financial outlook had taken a dive and that they had provided "false and misleading representations” of their bots and spam accounts, for all intents and purposes breaching the merger agreement.
Twitter's response has been to pursue legal action. They argue that Musk is reneging on their deal without reasonable cause and plan to enforce the sale of Twitter at the original price through the courts. There is legal basis for such an outcome, as a Delaware court refused to allow a private equity company to back out of the sale of a cake decorating business called DecoPac in 2021. Musk has yet to make a public comment about the situation but has posted a series of memes goading Twitter and suggesting he will come out the victor.
This bizarre situation may take some time to play out, but in the meantime, why not click through the gallery to discover how we came to live in this “age of social media.”
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