Twitter sues Elon Musk to hold him to US$44 billion merger

WILMINGTON, Delaware: Twitter sued Elon Musk on Tuesday for violating the US$44 billion deal to buy the social media platform and asked a Delaware court to order the world's richest person to complete the merger at the agreed US$54.20 per Twitter share, according to a court filing.

"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," said the lawsuit.

On Friday, Musk said he was terminating the deal because Twitter violated the agreement by failing to respond to requests for information regarding fake or spam accounts on the platforms, which is fundamental to its business performance.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Twitter says it has not breached merger agreement with Elon Musk:Twitter Inc said on Monday it has breached none of the obligations under a merger agreement with Tesla Inc Chief Executive Officer Elon Musk.Musk said on Friday he would seek to end his $44 billion deal because the social media company had breached multiple provisions of the agreement.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »