Press "Enter" to skip to content

Twitter Sues Elon Musk to Force him to Complete Acquisition

Twitter has filed a lawsuit against billionaire Elon Musk to compel him to complete the purchase of the social media business. Tuesday saw the filing of the case in the Delaware Court of Chancery after Twitter’s senior attorney received a letter from Elon Musk late on Friday night in which Musk expressed his desire to cancel the historic $44 billion Acquisition agreement.

In a letter sent on Friday, Musk’s attorney claimed that Twitter (TWTR) is “in substantial breach of various articles” of the agreement and that the business has withheld information Musk needed to assess the volume of spam and bot accounts on the network. Twitter’s legal team responded in a letter on Monday, calling Musk’s attempted dismissal “invalid and unjust,” asserting that Musk had broken the terms of the agreement, and urging him to carry out the agreement. Twitter’s attorneys claim in the complaint they filed on Tuesday that they are attempting to stop Musk from breaking the terms of the deal again and to “compel completion of the merger upon fulfilment of the minimal unresolved conditions.”

According to the complaint, Elon Musk “entered into a binding merger agreement with Twitter in April 2022, agreeing to utilise his best endeavours to get the Acquisition done.” Because the agreement he signed no longer serves his personal interests, Musk is refusing to uphold his duties to Twitter and its investors less than three months after signing them.

Soon after hearing about the lawsuit, Musk tweeted, “Oh the irony haha.” Musk didn’t answer a question right away. The arrangement is now probably heading for a protracted legal fight to see whether Twitter can compel Musk to complete the transaction and acquire the company, or at the very least force him to pay the $1 billion breakup fee stipulated in the original agreement.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *