twitter vs. elon musk
First modification:
After Elon Musk tore up Twitter’s $44 billion buyout deal last week, the social network officially sued the billionaire on Tuesday to force him to complete the deal.
Twitter filed a lawsuit against Elon Musk in a US state court in Delaware on Tuesday for breach of the contract to purchase the social network for 44,000 million dollars, asking the court to force the businessman to complete the agreement.
In its lawsuit, Twitter accuses the billionaire of orchestrating a public spectacle and believing himself above contract law, after having “proposed and then signed” an out-of-court agreement to buy the company.
Elon Musk believes he is “free to change his mind, wreck the company, discontinue its operations, destroy shareholder value, and walk away,” the court filing says.
Tesla’s boss announced on Friday that he was ending his $44 billion takeover deal with Twitter, accusing the company of breaching its contractual obligations by providing false or incomplete data on the number of fake accounts. Twitter on Monday denied the allegations.
Stock price is plummeting
No immediate comment could be obtained from Elon Musk.
Twitter accuses the billionaire of a “long list” of violations of his agreement, which has caused “a cloud over Twitter and its business”.
Shares of the social network plummeted to $34.06 on Tuesday, compared with more than $50 for Elon Musk’s takeover bid, accepted by Twitter’s board of directors in late April.
*With Reuters; adapted from its original French version
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