Twitter sues Elon Musk to hold him to $44 billion merger
The Hindu
Twitter Inc asked a Delaware court to order Musk to complete the merger at the agreed $54.20 per Twitter share, according to a court filing
Twitter Inc sued Elon Musk on Tuesday for violating the $44 billion deal to buy the social media platform and asked a Delaware court to order the world’s richest person to complete the merger at the agreed $54.20 per Twitter share, according to a court filing.
“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,” said the lawsuit.
The lawsuit sets in motion what promises to be one of the biggest legal showdowns in Wall Street history, involving one of the business world’s most colorful entrepreneurs in a case that will turn on staid contract language.
On Friday, Mr. Musk said he was terminating the deal because Twitter violated the agreement by failing to respond to requests for information regarding fake or spam accounts on the platforms, which is fundamental to its business performance.
Mr. Musk, who is the chief executive officer of electric vehicle maker Tesla Inc, did not immediately respond to a request for comment.
The lawsuit accused Mr. Musk of “a long list” of violations of the merger agreement that “have cast a pall over Twitter and its business.”
Shares of the social media platform fell to $34.06 on Tuesday, sharply below the levels above $50 where it traded when the deal was accepted by Twitter’s board in late April.
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