Twitter sued Tesla CEO Elon Musk on Tuesday, trying to force him to complete his $44 billion takeover of the social media company by accusing him of “outlandish” and “bad faith” actions that have caused the platform irreparable harm and “wreaked havoc” on its stock price.
“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 suit stated.
“They make a very strong argument that this is just buyer’s remorse,” Quinn said. “You have to eat your mistakes in the Delaware Chancery Court. That’s going to work very favorably for Twitter.” Twitter’s suit repeatedly emphasizes Musk’s contemplation of starting a Twitter competitor — an alternative option he sometimes aired publicly and sometimes privately to Twitter’s executives and board members. While the company has said it cooperated in providing the data he requested on fake “spam bot” accounts, the lawsuit suggests Twitter was concerned that disclosing too much “highly sensitive information” could expose the company to competitive harm if shared.
“For Musk, the best case is he pays the $1 billion breakup fee but that appears very unlikely,” said Wedbush Securities analyst Daniel Ives. “The irony is that Twitter as a fiduciary is clearly looking to enforce a deal that Musk doesn’t want to get done. It’s like buying a house you don’t want.”
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Twitter sues to force Elon Musk to complete his $44B acquisitionThe chair of Twitter's board tweeted Tuesday that the board has filed a lawsuit in the Delaware Court of Chancery 'to hold Elon Musk accountable to his contractual obligations.' Hahaha. Elon musk has an infinite amount of resources to bury twitter in court. Short of twitter being able to prove they didn’t slack with providing him ALL the bot info he requested, they don’t stand a chance. Twitter is devalued and all those execs lost millions of $$$ 😂😂😂 Musk played them like a fiddle! Poll: Is Elon Musk a mess?
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Twitter sues Elon Musk to force him to complete $44B acquisitionIt's about to be a lengthy battle in the courtroom with Twitter announcing they are suing Elon Musk. The social media company wants to force him into completing the $44 billion buyout. Details Finger on the pulse of the community! 😂 After finding out that there are more bots than real people on Twitter, he should be able to get Twitter for a big discount.
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Twitter sues to force Elon Musk to complete his $44B acquisitionMusk and Twitter have been bracing for a legal fight since the billionaire said Friday he was backing off of his April agreement to buy the company. Do you mean suing? If they sued him, then what was the verdict?
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