Twitter Sues Elon Musk: The 40-billion-dollar Deal Took A New Turn
By NewsProfy
Twitter has sued Tesla owner billionaire Elon Musk and forced him to go through with his deal to buy the social media company.
The whole world went crazy when the news of Elon Musk acquiring Twitter came out. It was supposed to be a 40-billion-dollar deal. Later we also get to know that the Tesla owner was not interested in making the deal.
Now, Twitter filed a lawsuit in the Delaware Court of Chancery yesterday after Elon sent a letter to the top lawyer of Twitter late Friday stating that he no longer wants to go forward with the blockbuster $44 billion acquisition agreement.
In Friday’s letter, Musk’s lawyer alleged that Twitter is “in material breach of multiple provisions” of the particular deal. They have also claimed that Twitter has withheld data that Musk had requested for evaluating the number of spam accounts and bots on the platform.
Later on Monday, its legal team of Twitter hit back in a letter by addressing the termination attempt of Musk as “invalid and wrongful.” They also mentioned that it was Elon Musk who was violating the agreement and demanding that he follow through with the deal.
As per the complaint filed Tuesday by the lawyers of Twitter, the Twitter team is asking Elon Musk to prevent further breaches of the agreement, along with “compelling consumption of the merger and that too upon satisfaction of the few outstanding conditions.”
In April 2022, the Tesla owner entered into a binding merger agreement with one of the most popular social media platforms, Twitter. Now, less than three months later, he is refusing to honor his obligations to Twitter and all of its stockholders.
A little after the news of the lawsuit, Elon Musk tweeted, “Oh the irony Lol.”
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