Twitter case: Twitter sues to force Elon Musk to complete its $44B acquisition

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Twitter case: Twitter sues to force Elon Musk to complete its $44B acquisition

 

Twitter said Tuesday it has sued Elon Musk to force him to complete the $44-billion acquisition of the social media company.

Musk and Twitter have been bracing for a legal fight since the billionaire said Friday, he was backing off of his April agreement to buy the company.

Twitter’s lawsuit opens with a sharply-worded accusation that "Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests."

 

"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," the suit says.

 

Twitter filed its lawsuit in the Delaware Court of Chancery, which frequently handles business disputes among the many corporations, including Twitter, that are incorporated there.

 

Musk alleged Friday that Twitter has failed to provide enough information about the number of fake accounts on its service. Twitter said last month that it was making available to Musk a ″fire hose" of raw data on hundreds of millions of daily tweets.

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