Twitter Sues Elon Musk For Violating $44B Acquisition Agreement
Twitter Sues Elon Musk in Delaware, US
Social media platform Twitter has sued Elon Musk in the Delaware Court of Chancery after he backed out of a proposed $44 billion deal to take the company private at $54.20 per share. The lawsuit alleged that Musk had backed out of the deal because it "no longer serves his personal interests."
Twitter chairman Bret Taylor tweeted that the microblogging site wanted "to hold Elon Musk accountable to his contractual obligations".
"Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests," the company said in the lawsuit.
Elon Musk Reacts After Twitter Sues Him
The lawsuit comes after Musk announced he was walking away from his proposed $44 billion takeover of Twitter on Friday. He claimed that the social media site had not given information about the number of fake and spam accounts on the platform.
Musk claimed that lack of information about spam accounts and inaccurate representations amounted to a "material adverse event." He also said that the social media platform sacking executives meant it was not living up to its obligations.
Minutes after news surfaced online that Twitter has sued him, Musk took to the microblogging site and just simply tweeted,
"Oh the irony lol."