Twitter has sued Elon Musk to complete its $44B buy. According to a reported complaint filed on Tuesday, Twitter wants to ‘compel Musk to fulfill his legal obligations, and to compel consummation of the merger.’
Twitter Has Sued Elon Musk to Complete Its $44B Buy
Social media giants, Twitter, have sued Elon Musk on Tuesday to complete his proposed $44 billion purchase of the platform. The move is reported to likely set off a lengthy and messy litigation battle.
The complaint which was filed in Delaware’s Court of Chancery alleges that ‘In April 2022, Elon Musk entered into a binding merger agreement with Twitter, promising to use his best efforts to get the deal done. 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.’ The lawsuit was first reported by the New York Times earlier.
Elon Musk’s Letter to Twitter
Elon Musk last week told Twitter through a letter that he was ending his agreement in purchasing the social media platform. And at the time, Twitter said that it has planned to take legal action against the tech billionaire in order to force through the agreement.
CEO of Telsa and SpaceX, Elon Musk said that the social media platform, Twitter, breached the agreement simply by not revealing just how it estimates the number of spam accounts on the social media platform.
‘This information is fundamental to Twitter’s business and financial performance,’ the letter from Elon Musk’s lawyer Mike Ringler to Twitter reads. The letter also added that Twitter appears to have made false and misleading representations. ‘
What Twitter Has To Say About the Lawsuit
At the moment, Twitter has not responded to a request for a comment in regards to the matter.