Elon Musk, the CEO of Tesla, declared on Friday that he was terminating the USD44…
After the $44 billion acquisition deal was terminated, Twitter sued Elon Musk.
Twitter filed a lawsuit against Elon Musk on Tuesday in an effort to compel him to finish the acquisition of the social media company.
Days after the Tesla CEO revealed he was canceling his USD44 billion agreement to buy the microblogging titan, legal action was filed in a Delaware court.
Twitter’s lawsuit states that Musk appears to believe that, unlike every other party subject to Delaware contract law, he is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away. “Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement,” Twitter said.
The lawsuit stated that Twitter brought the action “to prevent Musk from additional breaches, to compel Musk to meet his legal duties, and to compel consummation of the merger upon fulfillment of the few remaining requirements.”
The business requested that the court compel Musk to execute the transaction at the agreed-upon price per Twitter share of USD54.20.
Musk withdrew from the agreement late on Friday last week for a variety of reasons, one of which was that Twitter reportedly undercounts the number of spam accounts using its site.
In his letter of dismissal from Twitter on Friday, he claimed that the corporation misrepresented user data and that there were far more spam bots using the social media network than it had previously acknowledged.
Twitter denied that assertion, claiming that the proportion of bots to its total daily active users was significantly lower than 5%.