Twitter sues Musk over termination of $44bn acquisition
Musk
Microblogging platform, Twitter, has sued Elon Musk in order to compel him to continue with his planned buyout of the social media firm for $44bn.
This was disclosed in a lawsuit filed in Delaware’s Court of Chancery on Tuesday, according to NPR.
The lawsuit accuses Musk of hypocrisy and bad faith in his dealings with Twitter.
It also puts Twitter and Musk up for a lengthy, expensive, and high-stakes battle in which the former will try to force the hand of the latter.
The complaint said, “Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.
“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.”
In a bid to privatise the microblogging platform, the billionaire had offered to buy Twitter for $43bn in April.
He later agreed to acquire the platform for $44bn.
But after several internal turmoils on the buyout, Musk decided to soft-pedal on his acquisition bid, citing reasons of fake accounts on the platform.
However, on Friday, Musk said he was terminating the $44bn Twitter deal, adding that the social media firm had failed to provide information about fake accounts on the platform.
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