Twitter hits back at Musk, suing to force his US$44B buyout
BNN Bloomberg
Twitter sued Elon Musk over his abandoned US$44 billion takeover bid, accusing the billionaire of having buyer’s remorse after his fortune declined.
Lawyers for Twitter told a Delaware judge that the world’s richest man should be forced to honor his agreement to pay US$54.20 a share for the San Francisco-based social-media platform. Musk abandoned the deal Friday, citing in part concerns about the number of fake accounts among users.
The filing sets up what will be a closely watched court battle between Musk and Twitter, a communications tool that the billionaire favors but where his missives have previously gotten him in legal trouble. The lawsuit hit back at a number of Musk’s claims, saying that it “has bent over backwards” to provide Musk with the information he’s requested.
“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, 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 said in the lawsuit.
