Elon Musk has been sued after refusing to complete his $44 billion purchase of Twitter, as he reportedly wants to terminate the deal
On Tuesday, the businessman was prosecuted and ordered to complete the merger at the agreed $54.20 per Twitter share.
Elon’s lawyer reported in Friday’s letter that Twitter (TWTR) is “in material breach of multiple provisions” of the deal, claiming the company has withheld data Musk requested in order to evaluate the number of bots and spam accounts on the platform. Twitter’s legal team hit back in a letter on Monday, calling Musk’s attempted termination “invalid and wrongful.”
In April 2022, it was said that the SA-born billionaire promised to sort out the deal but he’s reluctant to fulfill his obligation after two months, as the deal he signed no longer serves his personal interests.
Twitter said in its Tuesday complaint that, “having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away.”
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