Twitter Officially Sues Elon Musk, Demands All $44bn to a Delaware Court
American billionaire and businessman, Elon Musk has officially been sued by Twitter after the tech mogul announced they he is backing down from his $44bn offer to buy the platform, as reported by Marca.
Last week, Musk sent the Twitter board a letter where he revealed that the reason he was backing down was down to Twitter’s to give him all the information he requested about bots and fake accounts.
Over the last few months, Twitter stocks have plummeted with strong ties to the ongoing saga between the platform and Musk.
Twitter’s goal is to force Elon Musk to pay them what they agreed but as they might as well be aware, such a move could prove to be ‘a double-edged sword.’
Now that this withheld information about the bots and fake accounts might become known to the public, Elon Musk could have a win-win situation in his hands.
In the trial, Twitter will be forced to share that information they weren’t willing to offer and this will prove the reason Elon Musk was backing down from the deal.
Here’s how Twitter presented its official complaint: “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.
“This repudiation follows a long list of material contractual breaches by Musk that have cast a pall over Twitter and its business.” Twitter shares were due to be paid by Musk at $54 per share and today, they are only worth $38 per share on the market.
Here we go: Twitter sues Elon Musk pic.twitter.com/Rz20U8YsdB
— kate conger (@kateconger) July 12, 2022
