Twitter is suing Elon Musk to force him into a takeover


Twitter is suing Elon Musk to force him to take over

Elon Musk announced on Friday that he was ending the deal to buy Twitter for $44 billion.

Twitter filed lawsuits on Tuesday against Elon Musk to force the Tesla boss to keep his commitment to buy the social network according to the terms agreed at the end of April, which valued the Californian group at 44 billion dollars.

A judge specializing in business law, in the State of Delaware (eastern United States), will therefore have to determine whether or not the multi-billionaire can put an end to the contract. acquisition agreement that includes $1 billion in severance payments.

In its complaint, Twitter accuses the businessman of having orchestrated a public display and of having believed himself above the laws of contract, after having proposed and then signed a takeover agreement.

Elon Musk believes he is free to change his mind, trash the company, disrupt its operations, destroy shareholder value and walk away , is it written in the document filed Tuesday by Twitter with the court.

The Tesla boss announced on Friday that he was terminating the $44 billion takeover agreement with Twitter, because he accused the group of having breached its contractual obligations by providing in particular incorrect or incomplete data on the number of fake accounts. Twitter has denied the accusations.

No immediate comment could be obtained from Elon Musk.

Twitter accuses the billionaire of a long list of breaches of their agreement, resulting in having thrown a veil over Twitter and its activities.

The social network's stock tumbled to US$34.06 on Tuesday, from more than US$50 when Elon Musk's buyout offer was accepted in late April by Twitter's Board of Directors.

Twitter has suffered and will continue to suffer irreparable harm from Elon Musk's breaches, company lawyers say based in San Francisco.

With information from Agence France-Presse, and Reuters


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