TWITTER has sued Elon Musk after he backed out of his $44billion deal to buy the social media platform.
After Musk canceled their contract, the social media network launched a lawsuit on Tuesday, claiming in a letter that Twitter “breached” the merger agreement.
The internet tycoon allegedly “refused to respect his responsibilities” to purchase the platform because the contract he made “no longer serves his personal interests,” according to Twitter’s lawsuit.
In the complaint, Twitter asserts that it is obvious that Elon is only pulling out since the stock market plummeted shortly after he signed the deal in April to purchase for $44 billion. This was right after he had signed the agreement. The company claims that the drop caused Musk’s fortune to decrease by $100 billion, and the value of Twitter has also reportedly decreased, which means that Musk’s offer is even greater than the market value of the company.
Because his offer now appeared to be ludicrous, it was the sole reason he wanted to get out of the situation.
According to the lawsuit, Twitter does not believe his justification that the network is rife with bot accounts, dubbing it a “model of hypocrisy.” According to Twitter, Elon had previously stated in a highly public forum that one of the reasons he wanted to buy Twitter was to “fight the spam bots.”
Musk put his name on the dotted line, therefore it is only fair that he pay his share. It is requesting that the court order him to complete the transaction at the agreed upon price of (GASP)… $44 BILLION.
