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Twitter sues Elon Musk over a $44 billion buyout agreement

Twitter has filed a lawsuit against self-proclaimed richest man in the world Elon Musk in an effort to compel him to purchase the social media company.

It follows Mr. Musk’s Friday announcement that he was abandoning his plan to acquire Twitter for $44 billion (£37 billion).

He alleged that Twitter had withheld data regarding the number of fake and spam accounts using the service.

In order to force Mr. Musk to finalize the merger at the agreed-upon $54.20 per Twitter share, Twitter has now approached a Delaware court for an order.

“[Mr] 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. “Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement.”

The lawsuit continued by charging Mr. Musk with “a long list” of merger agreement violations that “have put a shadow over Twitter and its business.”

Bret Taylor, the chairman of Twitter, stated in a tweet that the company wished to “hold Elon Musk accountable to his contractual commitments.”

Dj Citrus

I'm a radio Dj,blogger,teacher and entertainment critic who loves music and like promoting creative art to the world.

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