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Twitter has sued Elon Musk for violating his $44 billion deal to buy the social media platform, which has asked a Delaware court to order the world's richest person to complete the merger at the agreed $54.20 per share.
Twitter's officers seem to be dissapointed with the results of the negotiations with Musk, since his determination to acquire the platform led to many talented staff leaving the company. The complaint submitted to the court reads:
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.
On Friday, Musk said he was pulling out of the deal because Twitter violated the agreement by failing to respond to requests for information regarding fake or spam accounts on the platform, which is fundamental to its business performance.
Under the terms of the agreement, Musk agreed to pay $1 billion if he backed out of the deal. But as Twitter's chairman has pointed out, the company could try to force Musk to honour the terms of the original agreement by suing him for reneging on the deal.
The lawsuit accused Musk of "a long list" of violations of the merger agreement that "have cast a pall over Twitter and its business." Twitter also accused 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."
Citing the reasons Musk mentioned in his own complaint, Twitter called them just a "pretext" that lacked merit and said his decision to walk away had more to do with a decline in the stock market, particularly for tech stocks.
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