Twitter’s preparation to sue Musk was based on his move to terminate his $44 billion acquisition of the social media company.
In reaction, Twitter vowed to hold the billionaire to his original deal terms and price of $54.20 per share, in what could develop into a terrible legal fight that would dictate the future of the company. Earlier this year, Musk was cleared by a Delaware judge of any wrongdoing in that case. He was represented by the law firm Cravath, Swaine & Moore in the 2021 trial.
Twitter, which denies Musk’s claims, has an incentive to push the deal through or extract a larger break fee from Musk than the $1 billion already agreed.