Elon Musk’s $44 billion deal to buy Twitter has turned out to be one of the most famous business deals of today’s time. In another turn of events, Twitter filed a lawsuit against the billionaire for walking away from the proposed deal to takeover the micro-blogging platform. Twitter has asked a Delaware court to order Musk to complete the merger at the agreed $54.20 per Twitter share.
Twitter chairman Bret Taylor wrote on the microblogging site that Twitter wanted “to hold Elon Musk accountable to his contractual obligations”.
Twitter has filed a lawsuit in the Delaware Court of Chancery to hold Elon Musk accountable to his contractual obligations.
— Bret Taylor (@btaylor) July 12, 2022
“Twitter brings this action to enjoin Musk from further breaches, to compel Musk to fulfill his legal obligations, and to compel consummation of the merger upon satisfaction of the few outstanding conditions,” the company wrote in the law suite.
Tesla’s CEO was quick enough to react to a lawsuit filed against him. Musk took to the microblogging site and tweeted, “Oh the irony lol.”
Oh the irony lol
— Elon Musk (@elonmusk) July 12, 2022
The world’s richest man, Musk announced the deal to buy Twitter on April 25, however, decided to pull out of the deal stating that Twitter has failed to provide enough information about bot activity and spam on the platform. Musk in a regulatory filing with the US Security and Exchange Commission stated that Twitter did not provide him enough information on fake accounts on the platform, adding that the company was breaching “multiple provisions of the agreement”.
“The Merger Agreement requires Twitter to provide Mr. Musk and his advisors all data and information that Mr. Musk requests “for any reasonable business purpose related to the consummation of the transaction,” Twitter has not complied with its contractual obligations,” stated the letter filed by Musk’s lawyer on Friday.
The original merger agreement includes a $1bn break-up fee. The lawsuit against him is 62 pages and has cited roughly 13 of Elon Musk’s tweets. A judge hasn’t yet been assigned to the case, as per a Bloomberg report. The company hopes to start the case on September 19.