Dogecoin Founder Slams Twitter Over Elon Musk Deal Failure

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Last Updated on 11 July 2022 by CryptoTips.eu

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Dogecoin Founder Billy Markus lashed out at Twitter for failing to provide his friend Elon Musk with the necessary information to allow his team to determine whether the company correctly measured its number of fake users.

On Friday, Musk’s legal team filed a brief stating that he would abstain from purchasing Twitter for the agreed sum of $44 billion as he was unsure how many fake users there were on the platform.

This is not only bad news for Dogecoin (which was hoping to get a boost from the deal) but perhaps also for Musk himself, who might have to pay up to $1 billion to walk away.

Advertentie.

Buyer’s remorse

Before any deal of this magnitude is passed, several weeks of due diligence normally take place in which the buyer (in this case Musk) is able to determine whether the good he is purchasing (in this case Twitter) is worth the money he has offered for it (in this case $44 billion).

If he decides to walk away, that is called buyer’s remorse, and he has to pay a sort of breakup fee. If Musk can prove that he’s been lied to by the Twitter board, the $1 billion breakup fee the two sides agreed on would be enough. However, if he can’t, the Twitter board, eager to get their hands on Musk’s money, will push for full payment. Musk offered $54.20 per share, a strange price but the Tesla CEO wanted to get the number 4.20 in there (pronounced four-twenty, which is cannabis culture slang for marijuana and hashish consumption in the US)

Twitter’s stock is already down significantly on the news and will probably be pushed down even further when it opens for trading in the US on Monday.

Tip jar

So probably no Twitter ‘tip jar’ in Dogecoin then, which is one of the ideas that Musk was playing with if he were to acquire the social media platform.

Billy Markus, the Dogecoin founder, was clearly not amused at the news. Billy stated in response:

I’ll buy twitter for $54.20. Not per share just $54.20 total, final offer.

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