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

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WILMINGTON, Delaware: Twitter sued Elon Musk on Tuesday (Jul 12) 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

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.

 

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