Elon Musk is being Sued by Twitter Over a $44 Billion Takeover Deal

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Elon Musk is being Sued by Twitter Over a $44 Billion Takeover Deal
13 Jul 2022
6 min read

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News Synopsis

Twitter is suing billionaire Elon Musk in an attempt to compel him to buy the social media company, launching a legal battle with the world's richest man. It comes after Mr. Musk announced on Friday that he was withdrawing his proposed $44 billion (£37 billion) takeover of Twitter.

He claimed that Twitter had not provided data on the number of fake and spam accounts on the platform. Twitter has now requested that a Delaware court order Mr. Musk to complete the merger at the agreed-upon $54.20 per Twitter share.

"Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, [Mr] 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.

The lawsuit went on to accuse Mr. Musk of "a long list" of violations of the merger agreement that "have cast a pall over Twitter and its business". Bret Taylor stated on Twitter that the company wanted to "hold Elon Musk accountable to his contractual obligations."