Popular social media platform Twitter Inc on Tuesday, reportedly sued Tesla CEO Elon Musk for pulling out of the $44 billion deal of purchasing the platform.
The lawsuit requested a Delaware court to summon Musk to complete the merger at the agreed $54.20 per Twitter share.
“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,” the lawsuit read.
The lawsuit also fingered Musk in series of violations of the merger agreement that apparently “cast a pall over Twitter and its business.”
The world’s richest man on Friday, broke the news of his decision to terminate the deal, accusing Twitter of not staying true to the initial agreement.
Musk said Twitter failed to respond to “requests for information regarding fake or spam accounts on the platforms, which is fundamental to its business performance.
On Tuesday, it was reported that shares in the social media platform came crashing to $34.06 from where it surged to $50, following the billionaire’s deal was accepted by Twitter’s board in April.
According to Musk, his reason for ending the merger was because he was due to little information or lack of it thereof, about spam accounts and false representations that he noted led to “material adverse event.”
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