Twitter sues Elon Musk on Tuesday for Breach of his $44 billion deal buy The social media podium and asked a Delaware court to order the world’s richest person to complete Merger at agreed price of $54.20 per Twitter share.
The social media The company accused the CEO of electric car maker Tesla of “strange” and “bad Faith’ that has caused The platform was irreparably damaged and “wreaked havoc” on its stock price.
Twitter lawsuit opens with A strongly worded accusation: “Musk refuses to fulfill his obligations to Twitter and its shareholders because the deal he signed no longer serves his personal interests.”
“After I rode a public Twitter status scene in playand, after proposing and then signing a seller-friendly merger agreement, Musk seems to think that – unlike everyone else party Subject to Delaware Contract Law – he is free to change his mind, bring down the company, disrupt its operations, destroy stock value, and walk The lawsuit said.
suit groups in movement what counts one of Biggest legal confrontation in Wall Street historyincluding one of The business world’s most energetic businessmen in case will turn on sober necklace language.
After Twitter filed the lawsuit, Musk tweeted, without explanation: “Running lol.”
On Friday, Musk said he terminated the deal because Twitter violated the agreement by not responding to requests for information About fake or unwanted accounts on Statute, which is fundamental to him business performance.
‘long list” of violations
The lawsuit accused Mask of “Along list” of violations of The merger agreement that ‘casts a shadow’ over Twitter and business.” He Said for The first that time employee was draining”on Ascension ‘since the deal announced.
Twitter also Musk accused of accumulate “secretly” shares in The company between January and March without properly disclosing its large purchases to regulators, and said that it “instead Keep Stockpiling Twitter with The market Nothing is confused.”
Involved of The social media The platform closed at $34.06 on Tuesday, up 4.3% but sharply below The $50 Highs Where It Trades On Twitter board deal accepted in late April. Inventory added Another 1% after bell.
Musk said he ended the merger because of of shortage of information About spam accounts and inaccurate acknowledgments he said amounted to “material negative event.” he is also He said the executive departure amounted to failure to conduct business in The normal path – even though Twitter said so removed who – which language of the merger contract during negotiations.
Twitter also He said he didn’t share more information with Hold on to spam accounts because he was afraid to do so build Competitor platform after giving up the acquisition.
Twitter described the reasons Musk cited as an “excuse” lacking merit and told him decision to me walk was away more to do with a decline in Inventory marketespecially for tech Stores.
Tesla shares, and main source of Musk’s fortune lost about 30%. of Worth it since the deal was announced and closed on Tuesday at $699.21.
we will win
In a separate file, Twitter asked the court schedule For a four-day trial in mid-September.
In a note to Twitter employees on Tuesday, CEO Parag Agrawal sought on Twitter to reassure employees about future.
“we will prove our position in court and we think we will win.” in The note, seen by Reuters.
Legal experts said that from information This is it public Twitter seems to have the upper hand.
Twitter takes a strong stance in its complaint that Musk has a case of Buyer’s remorse – that, not robots, is reason for for him decision to me walk Brian Quinn said a professor at Boston Law School.
“The facts Twitter presents here make a very strong argument in favor of Twitter is ending this deal.”
Musk is among the most followed Twitter accounts and the suit included photos of many of of His tweets, including an emoji, the company said violated the “no derogation” clause of the merger.
Musk tweeted an emoji on May 16 in in reply to husband of Agrawal’s tweets illustrate the company’s efforts to fight Spam accounts.
He. She also Include a photo of A text message Musk sent to Agrawal after Twitter sought on Assurances June 28 about Musk financing for Deal.
“Your lawyer is using These conversations cause Problem, “Musk wrote to Agrawal.” It has to stop.”
Twitter noted that after Musk said he had closed the deal, he sent out tweets on On Monday, Twitter said it was referring to its spam requests as part of it of plan for force Unwanted data in public sphere.
For Musk, Twitter seems to be the interests of The lawsuit said its shareholders, the deal that Musk agreed to and the court process to enforce it constituted a complex joke.
Twitter sues Elon Musk on Tuesday for Breach of his $44 billion deal buy The social media podium and asked a Delaware court to order the world’s richest person to complete Merger at agreed price of $54.20 per Twitter share.
The social media The company accused the CEO of electric car maker Tesla of “strange” and “bad Faith’ that has caused The platform was irreparably damaged and “wreaked havoc” on its stock price.
Twitter lawsuit opens with A strongly worded accusation: “Musk refuses to fulfill his obligations to Twitter and its shareholders because the deal he signed no longer serves his personal interests.”
“After I rode a public Twitter status scene in playand, after proposing and then signing a seller-friendly merger agreement, Musk seems to think that – unlike everyone else party Subject to Delaware Contract Law – he is free to change his mind, bring down the company, disrupt its operations, destroy stock value, and walk The lawsuit said.
suit groups in movement what counts one of Biggest legal confrontation in Wall Street historyincluding one of The business world’s most energetic businessmen in case will turn on sober necklace language.
After Twitter filed the lawsuit, Musk tweeted, without explanation: “Running lol.”
On Friday, Musk said he terminated the deal because Twitter violated the agreement by not responding to requests for information About fake or unwanted accounts on Statute, which is fundamental to him business performance.
‘long list” of violations
The lawsuit accused Mask of “Along list” of violations of The merger agreement that ‘casts a shadow’ over Twitter and business.” He Said for The first that time employee was draining”on Ascension ‘since the deal announced.
Twitter also Musk accused of accumulate “secretly” shares in The company between January and March without properly disclosing its large purchases to regulators, and said that it “instead Keep Stockpiling Twitter with The market Nothing is confused.”
Involved of The social media The platform closed at $34.06 on Tuesday, up 4.3% but sharply below The $50 Highs Where It Trades On Twitter board deal accepted in late April. Inventory added Another 1% after bell.
Musk said he ended the merger because of of shortage of information About spam accounts and inaccurate acknowledgments he said amounted to “material negative event.” he is also He said the executive departure amounted to failure to conduct business in The normal path – even though Twitter said so removed who – which language of the merger contract during negotiations.
Twitter also He said he didn’t share more information with Hold on to spam accounts because he was afraid to do so build Competitor platform after giving up the acquisition.
Twitter described the reasons Musk cited as an “excuse” lacking merit and told him decision to me walk was away more to do with a decline in Inventory marketespecially for tech Stores.
Tesla shares, and main source of Musk’s fortune lost about 30%. of Worth it since the deal was announced and closed on Tuesday at $699.21.
we will win
In a separate file, Twitter asked the court schedule For a four-day trial in mid-September.
In a note to Twitter employees on Tuesday, CEO Parag Agrawal sought on Twitter to reassure employees about future.
“we will prove our position in court and we think we will win.” in The note, seen by Reuters.
Legal experts said that from information This is it public Twitter seems to have the upper hand.
Twitter takes a strong stance in its complaint that Musk has a case of Buyer’s remorse – that, not robots, is reason for for him decision to me walk Brian Quinn said a professor at Boston Law School.
“The facts Twitter presents here make a very strong argument in favor of Twitter is ending this deal.”
Musk is among the most followed Twitter accounts and the suit included photos of many of of His tweets, including an emoji, the company said violated the “no derogation” clause of the merger.
Musk tweeted an emoji on May 16 in in reply to husband of Agrawal’s tweets illustrate the company’s efforts to fight Spam accounts.
He. She also Include a photo of A text message Musk sent to Agrawal after Twitter sought on Assurances June 28 about Musk financing for Deal.
“Your lawyer is using These conversations cause Problem, “Musk wrote to Agrawal.” It has to stop.”
Twitter noted that after Musk said he had closed the deal, he sent out tweets on On Monday, Twitter said it was referring to its spam requests as part of it of plan for force Unwanted data in public sphere.
For Musk, Twitter seems to be the interests of The lawsuit said its shareholders, the deal that Musk agreed to and the court process to enforce it constituted a complex joke.