The lawsuit by the social network has accused Musk of “a long list” of merger agreement violations that “have cast a shadow over Twitter and its business.”
Twitter sued Elon Musk on Tuesday for violate the agreement of 44,000 million of dollars to buy the social media platform. So he has asked a Delaware court to order the world’s richest person complete the merger at the agreed-upon $54.20 per Twitter share, according to a court filing.
“Musk apparently believes that he – unlike any other party subject to Delaware contract law – you are free to change your mindwreck the company, discontinue its operations, destroy shareholder value, and walk away,” the lawsuit said.
This Friday, Musk claimed he was ending the deal because Twitter violated the deal by not responding to requests for information about fake or spam accounts on the platforms, which is critical to their business performance.
breach of agreement
The lawsuit by the social network has accused Musk of “a long list” of violations of the merger agreement that “have cast a shadow over Twitter and its business”.
Shares of the social media platform plunged to $34.06 on Tuesday, from more than $50 when the deal was accepted by Twitter’s board in late April.
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Musk said he was terminating the merger due to a lack of information about spam accounts and inaccurate representations which he claimed amounted to a “material adverse event.” He also said the executive departures amounted to a failure to conduct business in the ordinary course, as Twitter was required to do.
Twitter has claimed that negotiated to remove of the merger agreement the language that would have made such layoffs a violation of the regular course requirement.
