Twitter Sues Elon Musk For Abandoning Deal

Tuesday, July 12, 2022 | Tag Cloud Tags: , , , , , , , ,

by Stefan Bos, Worthy News Correspondent

(Worthy News) – Twitter sued Elon Musk on Tuesday for walking away from the $44 billion deal to buy the social media platform.

According to a court filing, it asked a Delaware court to order the world’s richest person to complete the merger at the agreed $54.20 per Twitter share.

“Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests,” Twitter told the court.

Musk and Twitter have been bracing for a legal fight since the billionaire said Friday he was backing off his April agreement to buy the company.

“Having mounted a public spectacle to put Twitter in play and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,” the lawsuit said.

Twitter filed its lawsuit in the Delaware Court of Chancery, which frequently handles business disputes among the many corporations, including Twitter, incorporated there.

Musk alleged Friday that Twitter failed to provide enough information about the number of fake accounts on its service.

But Twitter countered last month that it made available to Musk a ″fire hose” of raw data on hundreds of millions of daily tweets.

The court case is closely followed by those who had hoped that a Musk takeover would lead to more diversity of opinions on Twitter. Several Christian and conservative commentators and leaders, such as former U.S. President Donald J. Trump, were banned from the platform.

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