Sat. Jan 28th, 2023
Twitter sues Elon Musk for backing out of $44 billion acquisition, saying the billionaire is obligated to complete the deal

Court documents show that Elon Musk and a 36-year-old Neuralink executive are the parents of 8-month-old twins.

Twitter has sued Elon Musk for his attempt to walk away from his agreement to buy the company.
Musk last week accused Twitter of several instances of “breach,” in effect nullifying the deal.
The suit will now be resolved in a business-focused court in Delaware. 

Twitter followed through on its promise to sue Elon Musk over his attempt to walk away from buying the platform.

In a lawsuit filed Tuesday, lawyers for Twitter accused Musk of “refusing to honor his obligations.” The suit was filed in Chancery Court in Delaware, where Twitter is incorporated.

At issue in the lawsuit is Musk’s attempt last week to “terminate” the merger agreement he signed in April, saying he would acquire Twitter and take it private for $54.20 per share, putting a value on the deal of $44 billion. Lawyers for Twitter previously called Musk’s move “invalid and wrongful.” 

In Musk’s letter backing out of the deal, he accused Twitter of refusing to hand over “useable” user data, said it had misled him and the SEC on the number of bots or spam accounts present on the platform, and that it had made decisions to conduct layoffs and let go of key executives without getting his approval. All of which allegedly constitute a “breach” of the agreement, according to Twitter. 

This story is developing. Check back for updates…

Read the original article on Business Insider


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