Richest Man in the World, Elon Musk, Has Just Been Sued by Twitter
Twitter has sued the world’s richest man, Elon Musk, for attempting to abandon the $44 billion deal to buy Twitter. Musk announced that Twitter failed to provide him with the number of fake accounts that he had previously asked for. Thus, he will back out of the deal. Twitter immediately responded to Elon’s claim that the company would sue him in order to force him to complete the $44 billion deal.
The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.
— Bret Taylor (@btaylor) July 8, 2022
Twitter’s chairman, Bret Taylor tweeted, “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement.” The tweet demonstrates the firm’s confidence in its legal action.
Twitter has sued Elon Musk in Delaware court to force him to complete his $44 billion purchase of the company. pic.twitter.com/wh6joBCkPc
— Resonant News🌍 (@Resonant_News) July 13, 2022
Additionally, in a letter released on July 10, Twitter’s lawyers claimed Musk was wrong and that he “knowingly, intentionally, willfully and materially breached” his agreement to buy the social media firm. Therefore, they called Musk’s actions “invalid and wrongful and it constitutes a repudiation of their obligations under the Agreement.”
In conclusion, the firm “demands that Mr. Musk and the other Musk Parties comply with their obligations under the Agreement, including their obligations to use their respective reasonable best efforts to consummate and make effective the transactions contemplated by the Agreement.”
Twitter’s business has deteriorated in recent months, and therefore completing the deal with Musk would be an opportunity for the firm to recover from its loss. As of now, it is noted that Twitter is seeking a four-day trial this September, which will most likely take place in a Delaware court room. It would be ideal for both sides to achieve a resolution before the deadline of October 24 for completion. However, Musk and Twitter would then have another six months to finalize the deal.
As of now, there have been no more updates regarding the legal matter.
