Twitter Is Suing Elon Musk for Trying to Back Out of $44 Billion Deal

Image: Twitter

The Twitter-Elon Musk deal has taken another turn as the social media platform is now suing him to force completion of the $44 billion acquisition. This latest action follows months of drama between Twitter and Mr. Musk that began shortly after he purchased a 9.2% stake in the company and then announced he would buy it entirely. At one point three senior Twitter employees left over concerns with the deal, two of which were Vice presidents. Most recently Mr. Musk changed his mind claiming that Twitter had not provided enough data on bot and scam accounts forcing him to announce he would be pulling out of the deal.

In the complaint filed Tuesday, Twitter’s lawyers say they are seeking to prevent Musk from further breaches of the agreement, and to “compel consummation of the merger upon satisfaction of the few outstanding conditions.”

“In April 2022, Elon Musk entered into a binding merger agreement with Twitter, promising to use his best efforts to get the deal done,” the complaint states. “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.”

A lengthy, and potentially costly, forthcoming court battle is now expected following the filing of the claim in the Delaware Court of Chancery. After weeks of unusual silence on the matter Mr. Musk replied yesterday by posting on his twitter page.

Source: CNN

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Peter Brosdahl
As a child of the 70’s I was part of the many who became enthralled by the video arcade invasion of the 1980’s. Saving money from various odd jobs I purchased my first computer from a friend of my dad, a used Atari 400, around 1982. Eventually it would end up being a lifelong passion of upgrading and modifying equipment that, of course, led into a career in IT support.

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