Twitter sues Elon Musk for violating his $44 billion deal to buy the social media platform. Elon Musk, a billionaire, responded in jest after Twitter filed a lawsuit accusing him of breaking the terms of his $44 billion acquisition agreement with the social media giant. Musk wrote, “Oh the irony lol,” without mentioning the legal action Twitter had started against him.
Twitter sues Elon Musk: Twitter says “Musk is bad faith”
Elon Musk, the CEO of Tesla, was sued by Twitter on Tuesday in an effort to persuade him to finish his $44 billion acquisition of the social media giant. Twitter claimed that Musk’s “outlandish” and “bad faith” activities had irreparably damaged the platform and “wreaked havoc” on its stock price.
Elon Musk: “Oh the irony lol”
Without mentioning the legal action Twitter had started against him, Musk wrote, “Oh the irony lol.”
Oh the irony lol
— Elon Musk (@elonmusk) July 12, 2022
Back in April, Musk promised to pay $54.20 per share for Twitter, and the company accepted those conditions after changing its mind about the acquisition. However, since the billionaire announced Friday that he was withdrawing from his agreement to buy the company, the two parties have been preparing for a judicial battle.
“Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.” reads the first sentence of Twitter’s lawsuit.
“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,” the suit stated.
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