Twitter Sues Elon Musk to Enforce $44 Billion Buyout Agreement
Twitter takes legal action against Elon Musk in a Delaware court to force the billionaire to complete his $44 billion acquisition of the social media platform.
Twitter officially sues Elon Musk in a Delaware court over his attempt to back out of the $44 billion deal to purchase the social media giant. The complaint accuses Musk of refusing to honor his obligations because the agreement no longer serves his personal interests, and the company seeks to force him to complete the acquisition he signed in April.
The lawsuit states that Musk apparently believes he is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away. Twitter emphasizes that the Tesla CEO mounted a public spectacle to put the company in play and signed a seller-friendly merger agreement that he is now trying to escape.
This legal filing comes after Musk's attorneys informed Twitter last week that he plans to terminate the deal, alleging the platform makes false and misleading representations about how it handles spam accounts. Twitter's lawyers previously condemned this purported termination as invalid and wrongful, signaling that they are committed to pursuing legal action to enforce the original buyout agreement.