Twitter on Tuesday sued Tesla CEO Elon Musk for breach of a 44 billion deal. According to court documents, he signed to buy the tech firm and his exit strategy has been described by Twitter as “a model of hypocrisy”.
Tesla CEO Elon Musk tweeted on Tuesday (Elon Musk) Was sued for breach of the 44 44 billion contract. According to court documents, he signed to buy the tech firm and his exit strategy has been described by Twitter as “a model of hypocrisy”. The lawsuit, filed in the U.S. state of Delaware, urges the court to order the billionaire to complete the deal to buy Twitter. No one can compensate for the damage caused by it.
In fact, Musk says, the company could not provide enough information about the number of fake Twitter accounts, which is why it has canceled the deal. Last month, Twitter’s board of directors unanimously recommended a deal to buy Musk’s social media platform for 44 billion. However, the share price of the social media company has dropped significantly compared to the price at which Musk offered to buy Twitter.
Elon Musk offered to buy at $ 54.20 per share
If the purchase agreement had been completed, the company’s investors would have made a significant profit of $ 15.22 per share. Musk offered to buy the company’s shares at $ 54.20 per share. Musk’s lawyer, Mike Wrangler, complained in a letter to Twitter’s board that his client had asked for about two months of data to measure the prevalence of fake or spam accounts on social media platforms. He added in the letter that Twitter had failed to provide this information or that it had refused to provide it. Twitter sometimes ignores Musk’s requests, and sometimes rejects them for seemingly inappropriate reasons, and sometimes claims to comply with Musk by providing incomplete or unusable information. Musk also said that the above information is important for Twitter’s business and financial operations and is necessary to complete the deal.
Shares of Twitter fell five per cent as the deal was canceled
He added in the letter that Twitter had failed to provide this information or that it had refused to provide it. Twitter sometimes ignores Musk’s requests, and sometimes rejects them for seemingly inappropriate reasons, and sometimes claims to comply with Musk by providing incomplete or unusable information. Musk also said that the above information is important for Twitter’s business and financial operations and is necessary to complete the deal.
In response to the letter, Twitter board chairman Brett Taylor tweeted that the board has agreed to the price and terms with Musk and is committed to completing the deal. The board is planning to take legal action to enforce the merger agreement. Shares of Twitter fell five per cent to $ 36.81 shortly after the deal was canceled. Shares of Tesla, meanwhile, rose 2.5 percent to $ 752.29. “It’s a disaster for Twitter and its board,” business analyst Dan Ives wrote to investors in a comment. Twitter will have to fight a long legal battle to restore the deal or get a ફી 1 billion compensation fee.
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