Twitter is suing billionaire entrepreneur Elon Musk for breaching a $44 billion deal to buy the social network.
According to the suit, Twitter asked a Delaware court to order the world’s richest man to complete the purchase in exchange for an agreed-upon consideration of $54.20 per Twitter share.
After proposing and then signing a takeover deal, Musk apparently believes that, unlike other parties subject to Delaware contract law, he is free to change his mind, disrupt the company’s operations, and devalue its stock before it’s gone. take away is on the way.” It is stated in this petition.
On Friday, Musk said he was terminating the contract because Twitter had breached the contract by failing to respond to requests for information about fake accounts or spam on the platforms, which is essential to its business.
The lawsuit accuses Musk of committing a “long list” of violations of the takeover agreement that have cast a shadow over Twitter and its business.
Shares in the social media platform fell to $34.06 on Tuesday from more than $50 when Twitter’s board approved the deal in late April.
Source: Lebanon Debate
