Twitter Sues Elon Musk , To Make Him Complete Acquisition of Company.
CNN reports that the lawsuit was filed in the Delaware Court of Chancery on July 12.
In a letter delivered to Twitter's attorneys on July 8, Musk informed the company that he wished to terminate the $44 billion deal.
Musk's legal team claims Twitter is "in material breach of multiple provisions," and Twitter says Musk's attempt to back out is "invalid and wrongful.".
The lawsuit filed on July 12 seeks to stop Musk from any more agreement breaches and "compel consummation of the merger upon satisfaction of the few outstanding conditions.".
The lawsuit filed on July 12 seeks to stop Musk from any more agreement breaches and "compel consummation of the merger upon satisfaction of the few outstanding conditions.".
In April 2022, Elon Musk entered into a binding merger agreement with Twitter, promising to use his best efforts to get the deal done.
, Twitter, via lawsuit, as reported by CNN.
Now, less than three months later, Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests, Twitter, via lawsuit, as reported by CNN.
... 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, Twitter, via lawsuit, as reported by CNN.
Many analysts think Musk's issue with platform bots is merely an excuse to back out of the deal since Twitter shares have fallen compared to the price he agreed to pay.
For Musk, it would seem, Twitter, the interests of its stockholders, the transaction Musk agreed to, and the court process to enforce it all constitute an elaborate joke, Twitter, via lawsuit, as reported by CNN
