Twitter has sued American billionaire businessman Elon Musk to force him to complete a deal to buy the social network.
This is reported by the TV channel CNN.
The lawsuit was filed with the Delaware Chancery on Tuesday. “In April 2022, Elon Musk entered into a binding agreement to merge with Twitter, promising to make every effort to close the deal. Less than three months later, Musk is refusing to fulfill his obligations to Twitter and its shareholders because the deal no longer serves his personal interests.” – says Twitter’s lawsuit.
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CNN suggested the lawsuit would lead to a lengthy legal battle to determine whether Twitter could force Musk to close the deal, or at least force him to pay the $1 billion severance fee listed in the original agreement.
According to the TV channel, Musk initially said that he wanted to buy Twitter to destroy bots. The businessman then expressed concern that there were more bots on the social network than publicly reported.
Some analysts have speculated that Musk simply needed an excuse to get out of the deal, which now appears overvalued after Twitter’s stock and the tech market in general tumbled.
“By making a public spectacle of bringing Twitter into the game and proposing and then signing a seller-friendly merger agreement, Musk apparently believes that he — unlike any other party subject to Delaware contract law — free to change his mind, destroy the company, disrupt its operations, destroy the shareholder value and leave”says Twitter’s lawsuit.
It will be recalled that at the end of April it became known that Elon Musk is entering into an agreement to purchase Twitter Inc. for 44 billion dollars.
In mid-May, the businessman announced the temporary termination of the deal due to the number of fake and spam accounts.
On July 9, it became known that Musk refused to buy Twitter because the company did not fulfill its contractual obligations.