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Twitter Sues Mr. Elon Musk For a $44 Billion Contract

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Twitter sued Mr Elon Musk this Tuesday for breaching his $44-billion contract to purchase the social media platform.

As per the report, Twitter sought the help of a Delaware court to order the world’s most prosperous person to complete the merger at the consented price.

On Friday, Mr Musk announced he was ditching the deal, accusing Twitter of violating the agreement by failing to respond to requests for information regarding fake or spam accounts on the platform, which is basic & essential to its business performance.

In Contradiction, Twitter responded to Musk’s claims, saying it’s the Tesla CEO who has “a long list” of breaches of the merger agreement.

In addition, the firm blamed Elon for “privately” accumulating shares in the company between January and March without adequately disclosing his actual purchases to regulators. 

The social media firm also clarified that it did not transmit more information to Mr Elon about spam accounts for fear he would create a competing platform and ditch the acquisition.

Twitter called the reason quoted by Musk a “pretext” that lacked worth and said his decision to walk out had more to do with the recent fall in the stock market, particularly for tech stocks. 

Musk did not instantly react to a request for comment.

In a memo addressing the staff on Tuesday, Twitter Chief Executive Parag Agrawal appeared to reassure employees about their future. He wrote, “We will prove our position in court, and we believe we will prevail.”

The case will be a long lawful battle as Twitter seeks to hold Musk to his contract to pay USD 54.20 per share for the firm. As per the reports, the lawsuit against him is 62 pages and has mentioned around 13 of Elon Musk’s tweets. However, no judge has been allocated to the case yet. The company expects to begin the lawsuit on September 19.

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