Twitter Inc has filed a lawsuit against business tycoon Elon Musk for pulling out from $44 billion deal to buy the social media platform.
In a petition to a Delware court, the social media platform has sought an order for the world’s richest person to complete the deal at agreed prices of $54.20 per Twitter share.
“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 complaint read.
Last week, the SpaceX founder announced to terminate deal to buy Twitter, saying the social media giant failed to provide information about fake accounts.
In a filing to the Security and Exchange Commission (SEC) on Friday, Elon Musk’s legal team mentioned that the popular social media company had breached their agreement with false statements during negotiations, saying Elon Musk wanted the data about spam accounts on the platform to make an ‘independent assessment’ of the issue.
It said Twitter ignored Musk’s requests and even rejected them for reasons that appear to be unjustified. It also alleged social media company of material breach of provisions of the agreement.
In the lawsuit, Twitter has accused Musk of various violations of the merger agreement, adding that the violations “have cast a pall over Twitter and its business.”
It also alleged Musk of “secretly” accumulating shares in the company between January and March without properly disclosing his substantial purchases to regulators, and said he “instead kept amassing Twitter stock with the market none the wiser.”
The shares of the social media platform closed at $34.06 on Tuesday, witnessing an increase of 4.3%, however it was far below that $50 mark.
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