Twitter Inc has sued Elon Musk for violating the $44bn deal to buy the social media
platform and asked a Delaware court to order the world’s richest person to complete
the merger at the agreed $54.20 per Twitter share, according to a court filing.
It comes after Mr. Musk announced he was walking away from his proposed $44bn
(£37bn) takeover of Twitter on Friday.
He claimed Twitter had not given information about the number of fake and spam
accounts on the platform.
Now Twitter has asked a Delaware court to order Mr. Musk to complete the merger at
the agreed $54.20 per Twitter share.
“Having mounted a public spectacle to put Twitter in play, and having proposed and
then signed a seller-friendly merger agreement, [Mr] 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 lawsuit went on to accuse Mr. Musk of “a long list” of violations of the merger
agreement that “has cast a pall over Twitter and its business”.
Twitter chairman Bret Taylor tweeted that the microblogging site wanted “to hold
Elon Musk accountable to his contractual obligations”.
Mr Musk tweeted on Tuesday: “Oh the irony lol [laughing out loud].”
The lawsuit said Mr Musk, who is also boss of electric car company Tesla, had backed
out of the deal because it “no longer serves his personal interests”.
Read Also: Elon Musk pulls out of $44bn deal to buy Twitter
The lawsuit said that after Mr. Musk agreed to the deal, the stock market fell, along
with Tesla shares.
“The value of Mr. Musk’s stake in Tesla, the anchor of his personal wealth, has
declined by more than $100bn from its November 2021 peak. So [Mr] Musk wants
out,” it said.
“Rather than bear the cost of the market downturn, as the merger agreement
requires, [Mr] Musk wants to shift it to Twitter’s stockholders,” it added.
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