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Twitter sues Elon Musk for terminating $44 billion deal
By Shubhangi Mathur - Jul 12, 2022, 07:33 PM ET
Last Updated - Mar 11, 2024, 10:37 AM EDT
Twitter Inc (NYSE: TWTR) on Tuesday filed a lawsuit against Elon Musk after the billionaire said he is seeking to terminate the $44 billion deal to buy the company
• The company urged the court to order Musk to complete the merger
Twitter Inc (NYSE: TWTR) on Tuesday filed a lawsuit against Elon Musk after the billionaire said he is seeking to terminate the $44 billion deal to buy the company.
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The company urged the Delaware Court to order Musk to complete the merger at the agreed $54.20 per Twitter share.
According to the lawsuit filed in the Delaware Court of Chancery, Twitter said Musk “refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”
This comes as Musk claims that Twitter has been unable to provide information on the number of spam accounts on the social media platform.
“Since signing the merger agreement, Musk has repeatedly disparaged Twitter and the deal, creating business risk for Twitter and downward pressure on its share price,” Twitter said in its suit.
Shares of the company have fallen 37% since Musk announced his decision to buy Twitter in April.
Picture Credits: Reuters
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