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Twitter sues Elon Musk for pulling out of $44 billion merger deal

01:16 PM | 13 Jul, 2022
Twitter sues Elon Musk for pulling out of $44 billion merger deal
Source: @elonmusk_Instagram

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. 

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pakistani rupee to US Dollar, Euro, Pound, Dirham, and Riyal - 17 April 2024

Pakistani currency saw minor adjustment against global currencies on April 17, 2024. US dollar was being quoted at 277.4 for buying and 280.4 for selling.

Euro comes down to 293.15 for buying and 296.1 for selling while British Pound stands at 344.25 for buying, and 347.6 for selling.

UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 17 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.4
Euro EUR 293.15 296.1
UK Pound Sterling GBP 344.25 347.6
U.A.E Dirham AED 75.45 76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 201 203
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.26 911.26
Malaysian Ringgit MYR 58.24 58.84
New Zealand Dollar NZD 164.75 166.75
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.37 77.07
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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