If Elon Musk, who is known as the world's richest person would have acquired Twitter then it would be the biggest deal in the history of the corporate industry. Now, this deal could turn into a major conflict. Twitter knocked on the court door to sue Elon Musk on the deal of $44 billion. However, it does not matter whether Elon will win or Twitter, but the main concern is Twitter is still facing a lot of major issues.
Twitter is known as the most updated and popular social media platform but if taking it from a business perspective, still there is a lack in it somewhere and not as much good as it could be in the market.
On 11 July 2022, Twitter shares were trading on 33 dollars. After losing hope in the deal, the shares fell by 11%. Twitter is facing trouble in getting new users and not being able to attract them. In addition to this, a popular social media platform Facebook which was started 2 years before Twitter is gaining190 crores of new users continuously.
Twitter was started in 2006 but after so many years, it still feels the same as in 2006. Many other social media platforms including Facebook, changed their interface or user experience to make them more user-friendly and this is the main issue Twitter is dealing with.
Elon Musk has resigned from his $44 billion Twitter Inc. takeover, which would be based on a three-word phrase that is regularly used in unsuccessful mergers but seldom works with judges.
Musk's lawyers emphasized "Material Adverse Effect" in a regulatory filing Friday, stating that private information about bots on Twitter is "vital to Twitter's commercial and financial success."