On Tuesday, Twitter filed a lawsuit against billionaire Elon Musk in Delaware’s Court of Chancery for abandoning a $44 billion deal to purchase the social media giant. On April 25, 2022, Musk agreed to buy Twitter for $54.20 per share for a total of $44 billion. The lawsuit states that Musk personally committed $33.5 billion.

“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,” states the complaint.

With this lawsuit, Twitter wants to force Musk to go through with the agreed purchase as they classified Musk’s exit strategy as “a model of hypocrisy” and “bad faith.”

“Twitter brings this action to enjoin Musk from further breaches, to compel Musk to fulfill his legal obligations, and to compel consummation of the merger upon satisfaction of the few outstanding conditions,” stipulated Twitter’s legal team.

The Chair of Twitter board, Bret Taylor, tweeted that they have filed a lawsuit to “hold Elon Musk accountable to his contractual obligations.”

In response to the lawsuit, Musk posted a cryptic statement on Twitter. “Oh, the irony lol.”

Elon Musk has over 100 million followers on Twitter.

Read the lawsuit in full below.

RELATED

Follow Us

Subscribe to our Newsletter

The Pavlovic Today Newsroom

Newsroom at The Pavlovic Today

Leave a comment

Your email address will not be published.