Elon Musk's $44 billion bid to buy the popular social media site Twitter was approved by company shareholders in a vote on Tuesday. Now the world's richest man may have to follow through on the purchase, despite his efforts to scrap the deal.
Musk's efforts to buy the company began earlier this year, and while things looked to be going in the right direction for the tech mogul, things quickly turned sour as he began to doubt Twitter's self-reported percentage of fake accounts.
This led to Musk accusing the company of not being forthcoming with the information. Still, Twitter has stood by its figure that less than 5% of monetizable daily active users are spam or fake accounts. In fact, Twitter has claimed that it's provided information to Musk to ease his worries, but it doesn't seem to have worked.
However, hedge funds are betting that Musk won't be able to get away. David Einhorn's Greenlight Capital and Pentwater Capital Management are among those betting against Musk escaping, Bloomberg reported.
"We think that the incentive of the Delaware Chancery Court, the preeminent and most respected business court in the nation, is to actually follow the law and apply it here," Einhorn wrote.
Currently, Musk is fighting a lawsuit from Twitter that is claiming he breached the agreement the two sides had made. The case is currently working its way through the Delaware Court of Chancery.
Musk has made headlines lately with one of his exes deciding to auction off items she has from when the two dated in the 90s. Jennifer Gwynne dated Musk while the two were in college at the University of Pennsylvania and is now proving that it does pay to keep an ex's things.
The mementos are being sold through Boston-based RR Auction. Items sold include 18 candid photos of Musk, a signed birthday card, a necklace, and several other things from when the couple was together.
Tesla superfans are expected to go crazy for a chance to purchase the items, with the signed birthday card currently receiving the most bids at $7,000 and expected to sell for $10,000.
Musk might end up trying to sell some items himself as the decision on whether or not he will need to purchase Twitter will soon be decided, as his camp works to revise his counterclaim against Twitter.
The claim is said to include allegations that were leaked by Peiter Zatko, a former Twitter security chief, who testified before a Senate panel on Tuesday claiming that Twitter was plagued by serious security failures.
There is no set date for the trial, but it is expected to start in mid-October.
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