Twitter has filed suit against Elon Musk. for violating the terms of a $44 billion deal to acquire the social media platform.
Twitter has petitioned the Delaware Court of Chancery to order Musk to complete the merger as agreed with an agreed price of $54.20 per Twitter share, according to court documents.
Twitter described Musk’s conduct during his pursuit of the social network as being in “bad faith”, accusing the world’s richest person of acting to kill the deal since “the market started turning.”
“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, 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.
On Friday July 8, 2022, Musk announced that he was backing out the deal, claiming that Twitter had violated the terms acquisition agreement by failing to respond to requests for information regarding fake, bot or spam accounts on the platform.
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