Twitter Sues Elon Musk For Trying To Cancel Acquisition

his $44 billion deal to purchase Twitter last week, accusing the billionaire of backing out of the agreement because his personal wealth has fallen—not because he’s worried about the prevalence of fake accounts, as he has argued.

Twitter accused Musk of conducting a “fishing expedition” in an attempt to get out of the deal, requesting troves of sensitive data to back up Twitter’s public statements about the number of spam accounts, even though minor inaccuracies wouldn’t be grounds to terminate the deal unless they threatened a “material adverse event,” the company argued.

Twitter also accused Musk of violating the deal’s non-disparagement section by publicly criticizing the company and encouraging the Securities and Exchange Commission to open an investigation into it. Twitter’s attorneys are seeking “specific performance,” meaning they’d like Delaware’s Court of Chancery to force Musk to close the deal on the agreed-upon terms.Twitter’s legal complaint says Musk “refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”on Monday claiming a lawsuit would force Twitter to disclose information about bot accounts in court.

joewalshiv Wow...it's finally come full circle. The rich ate preying on each other the way they prey on the poor.

joewalshiv Isn’t that a legitimate reason to back out of a deal?

joewalshiv Yeah well, last I heard, the stockholders have yet to approve the deal.

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