Twitter won’t let Musk walk away without honoring their deal.
Last week, Tesla and SpaceX CEO Elon Musk announced his intent to back out of the deal that he signed with Twitter to buy all of its shares and assume ownership of the social platform in entirety. According to Musk’s lawyer, who released a letter on Friday, Twitter failed to provide Musk with information related to his concerns about the prevalence of bot and spam accounts on the platform.
Twitter sues billionaire Elon Musk in an attempt to force through his $44bn deal to buy the social media giant https://t.co/2AuJmZ7iUX
— BBC Breaking News (@BBCBreaking) July 12, 2022
Yesterday, Twitter filed a legal complaint against Musk with the goal of forcing him to honor their deal. According to the complaint, Twitter seeks to “compel consummation of the merger upon satisfaction of the few outstanding conditions.”
“In April 2022, Elon Musk entered into a binding merger agreement with Twitter, promising to use his best efforts to get the deal done,” the complaint reads. “Now, less than three months later, Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”
Breaking News: Twitter sued Elon Musk to force him to complete his $44 billion purchase of the company, setting up a prolonged legal battle. https://t.co/nCU2Q7FonJ
— The New York Times (@nytimes) July 12, 2022
The complaint goes on to say that, “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.”
Musk has not made any official responses to Twitter’s lawsuit, though he did post a brief Twitter message that read “Oh the irony lol.”
PlayStation Announces New Loyalty Program
-
NFL superstar Rob Gronkowski, widely known for his prowess on the football field, recently revealed a surprising off-field success...
-
Tesla’s stock is buzzing, having jumped over 45% since November 5th, and its market cap now exceeds $1.1 trillion....
-
Inflation is Again on the Incline Inflation showed a slight uptick in October, with the annual inflation rate reaching...
-
Amazon shares surged 6% on Friday following the company’s release of strong quarterly earnings, exceeding market expectations. Boosted by...
-
Let’s take a moment to chat about something that’s been weighing on the minds of many: the state of...
-
Following the massive success of its gold and silver offerings, Costco is making headlines once again with the addition...
-
The cryptocurrency market experienced a significant rally on Thursday, just one day after the Federal Reserve made the surprise...
-
Fitch Ratings, a leading global credit rating agency, has released a new economic outlook report predicting that the U.S....
-
With Federal Reserve Chair Jerome Powell signaling that interest rates might be cut soon, investors are contemplating how this...
-
Consumer prices in the United States increased at the slowest rate in over three years last month, raising hopes...
-
In a significant shake-up at Starbucks, Laxman Narasimhan has stepped down from his role as CEO and board member...
-
JPMorgan Chase is set to release its second-quarter earnings report before the opening bell on Friday, July 14. Investors...