Musk Must: Twitter Drags Billionaire to Court Over Failed $44 Billion Deal
- Twitter has finally taken billionaire businessman, Elon Musk to court for failing to go ahead with his acquisition of the company
- In the lawsuit which was filed at Delaware court on Tuesday, the company said Musk wants to subject it to public ridicule
- Must terminated the deal over complaints that the social media company failed to disclose the actual number of bots and spam accounts on the platform
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After days of threats, Twitter finally made good on its promise to sue Elon Musk over his termination of the $44 billion acquisition deal, officially filing a suit in the Delaware Court of Chancery on Tuesday, June 12, 2022.
Nairametrics report says that the social media company said Musk, after entering a binding merger agreement, now “refuses to honour his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”
Source: Getty Images
A lengthy legal battle ahead, experts predict
The lawsuit is the beginning of what many experts said is going to be a long legal battle as Twitter seeks to hold the world’s richest man to his word to pay $54.20 per share for the firm.
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Musk wants to pull out of the agreement over issues of bots or deal procedures.
CNN reports that the microblogging site stated that Musk’s behaviour during his quest for the social media network was in bad faith and accused him of acting against the agreement since the share of the company began to fall.
According to Twitter in the suit, Musk mounted a public show to put the company on play and proposed and then signed a seller-friendly merger deal.
Musk mocks failed deal
A few days ago, Must started tweeting memes of himself mocking Twitter for threatening to take him to court for failing to go ahead with the deal.
Musk, in one of the deals, said since Twitter refused to disclose bot information to him, they would be forced to do so in court.
Twitter Pockets $1 billion after Elon Musk says he is not going ahead with deal
Legit.ng reported that a few hours after Legit.ng reported that Elon Musk’s Twitter deal is in serious jeopardy and that the billionaire may pull out, Musk informed the Securities and Exchange Commission that he is terminating the $44 billion deal.
Musk informed the platform on Friday, July 8, 2022, that he is terminating the deal, Forbes’ report said, citing an SEC filing. But the Twitter’s board Chairman said it is considering legal action in order to force the deal through.
The board chairman of Twitter tweeted that the company wants to see the deal through and plans to explore legal options to enforce the merger agreement.
Source: Legit.ng
