Twitter sues Elon Musk over $44bn takeover dealon July 12, 2022 at 11:01 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

Uvalde shooting: Photos show armed police waiting in school hallwayon June 21, 2022 at 12:36 pm

Armed officers waited at the school for 58 minutes as a gunman was shooting pupils, reports say.Image source, Austin American-Statesman / KVUE-TVThe first images...

Will Sue Gray’s report into Downing Street parties be damning for Boris Johnson?on May 19, 2022 at 7:41 pm

Our correspondents reveal what they know about the long-awaited report on Covid law-breaking at No 10.

The Papers: Brits die in Kabul and US prepares to strike backon August 28, 2021 at 4:33 am

The ongoing crisis and evacuation from Afghanistan leads many of this morning's front pages.

Tory leadership: Truss criticised for Macron ‘jury is out’ remarkon August 26, 2022 at 7:34 am

Labour accuses foreign secretary of a "woeful lack of judgement" and insulting a close ally.Image source, ReutersForeign Secretary Liz Truss has been criticised after...

Surfside tower collapse: Final victim identified from rubbleon July 26, 2021 at 9:55 pm

The family of Estelle Hedaya say they have confirmation she is the 98th victim of the Surfside disaster.image copyrightMichelle Borriello/FacebookThe family of the final...