Twitter Inc has sued Elon Musk for violating the $44 billion deal to purchase the social media platform. It sought a Delaware court to force the world’s richest person to complete the merger at the agreed $54.20 per Twitter share.
“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,” said the lawsuit..
The Tesla CEO declared on Friday that he was terminating the agreement as Twitter failed to respond to requests for information on fraudulent / spam accounts on its platforms, which is important to the company’s financial success. He did not react yet to a request for comment.
The lawsuit held Elon Musk guilty of “a long list” of merger agreement violations that placed a cloud over Twitter and its operations. Shares of the social media platform tumbled to $34.06 yesterday from above $50, when the deal was accepted by Twitter’s board in late April. Looks like Musk is in murky waters again.