Elon Musk faces a legal nightmare and a potential $1 billion fee as he tries to walk from Twitter deal
Before the late Friday announcement filed with regulators that said Musk would walk away from the deal, experts told Insider that they didn't see many ways Musk could get out of the deal without consequences.
Though Musk has raised concerns that the true number of Twitter bots, Delaware courts have imposed a very high bar for what constitutes a"material adverse effect" that would allow a buyer to exit a deal, said Brian Quinn, associate professor at the Boston College Law School. Still, some observers are skeptical that a renegotiation is possible. Carl Tobias, Williams Chair in Law at the University of Richmond, told Insider he thinks Twitter will oppose lowering the price given the high value of Musk's initial offer. Then, of course, there was always the chance that Musk walked. Tobias said earlier that Musk might have tried to argue that Twitter hasn't upheld its part of the contract by allegedly misrepresenting how many valid users it has.
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