Wednesday 13 July 2022 – 01:23
Twitter decided on Tuesday to sue billionaire Elon Musk for backing out of his $44 billion plan to buy the social network.
The Musk Company “refuses to honor his obligations to Twitter and its shareholders because the agreement he signed no longer serves his personal interests”according to the lawsuit filed in the Delaware Court of Chancery.
According to the same source, Twitter wants to force Musk to complete the purchase at the originally agreed price of $54.20 per share.
On Tuesday, the social network called“invalid and unjustified” Musk’s abandonment of his plan to buy Twitter, indicating that he had fulfilled all the obligations provided for in the agreement concluded in April. He therefore demanded that the multi-billionaire keep his commitment under the agreement made in April.
Last Friday, Musk announced that he was terminating the agreement with Twitter’s board of directors to buy the social network because of “false and misleading” information about the company.
In a letter published by the American stock market policeman, his lawyers assure that Twitter did not respect its commitments made in the agreement, by not giving all the information requested on the number of inauthentic accounts and spam. Immediately after Tesla’s announcement, Twitter Chairman Bret Taylor said the company will take legal action to “enforce” the deal.