Twitter Sues Elon Musk to Enforce $44 Billion Purchase Agreement
Twitter takes legal action against Elon Musk to compel him to complete his $44 billion acquisition of the social media platform after he attempts to back out of the deal.
Twitter sues Elon Musk to force the billionaire to complete his $44 billion purchase of the social media company. The lawsuit accuses Musk of breaching the merger agreement after he files paperwork to withdraw from the deal based on unverified claims regarding spam and bot accounts on the platform.
In its legal filing, Twitter argues that Musk repeatedly disparages the company and disrupts its operations, which causes significant downward pressure on its stock price. Since the initial agreement in April to buy the company at $54.20 per share, the stock value drops to $34.06 as Musk publicly trashes the deal.
Twitter denies withholding information and states it hosts multiple information sessions with Musk's team to explain its spam estimation processes. The company asserts that Musk's extensive data requests are unreasonable and disruptive, asking a Delaware judge to order the tech titan to honor the original purchase agreement.