Twitter sues Elon Musk over $44bn purchase dealon July 12, 2022 at 10:29 pm

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

The social media firm is trying to force Elon Musk to buy it after he walked away from the deal.

Elon MuskImage source, Reuters

Twitter has taken billionaire Elon Musk to court to try to force him to buy the social media firm.

It comes after Mr Musk announced he was walking away from his proposed $44bn acquisition of Twitter on Friday.

He claimed Twitter had not given information about the number of fake and spam accounts on the platform.

Now Twitter has asked a Delaware court to order the world’s richest person to complete the merger at the agreed $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”.

Twitter chairman Bret Taylor tweeted that the microblogging site wanted “to hold Elon Musk accountable to his contractual obligations”.

Twitter’s share price has fallen more than 8% in the past month, and has tumbled from highs of more than $50 per share, as Mr Musk questioned the number of fake and spam accounts on Twitter.

On Friday, Mr Musk said he was pulling out of the deal, claiming a lack of information about spam accounts and inaccurate representations that he said amounted to a “material adverse event”.

He also said Twitter sacking executives meant it was not living up to its obligations.

- Advertisement -

Discover

Sponsor

Latest

Migrants trying to reach the UK cross the Alps on footon October 2, 2023 at 12:07 am

More than 130,000 migrants have entered Italy this year. Many try to head further into Europe.More than 130,000 migrants have entered Italy this year....

Concern mounts for missing 11-year-old schoolgirl from Boltonon July 23, 2021 at 8:41 pm

The parents of Fatuma Kadir, who travelled from Manchester to London by train, say they are in "shock".image copyrightGMPThe parents of a missing 11-year-old...

Covid-19 origins may never be known, US intelligence agencies sayon October 30, 2021 at 3:47 am

But US agencies say the virus, first identified in China, was not developed as a biological weapon.Image source, Getty ImagesUS intelligence agencies say they...

Brentford 4-0 Manchester United: ‘A joke’, ‘bullied’ & ‘rotten’ – are Man Utd at rock bottom?on August 13, 2022 at 9:51 pm

Manchester United were labelled 'a joke' after being 'bullied' by Brentford in Saturday's 4-0 defeat - but how bad have things become at Old...

Firefighter dies after Jenners blaze in Edinburghon January 27, 2023 at 5:44 pm

Barry Martin was injured in a fire at the former department store in Edinburgh on Monday.Image source, SFRS A firefighter who was injured battling...