Takeover should be implemented
Twitter is suing Musk
07/13/2022, 00:08
With the reference to insufficient data on fake accounts, Elon Musk bursts the takeover deal with Twitter. But it’s not that easy to get out of the agreement. Twitter insists on an implementation of the purchase and files a lawsuit.
After Elon Musk withdrew from the takeover agreement, Twitter made good on its announcement and sued the tech billionaire. The online platform accuses Musk of breach of contract and plans to court him to complete the purchase, according to the lawsuit filed in a Delaware court. Musk’s reason for withdrawing from the billion-euro deal agreed in April was “hypocrisy,” Twitter continued.
The founder of the electric car manufacturer Tesla and the richest person in the world had the planned takeover of Twitter burst last Friday because of allegedly “false and misleading” information from the company. The background is the dispute over the number of spam or fake accounts on Twitter.
Musk and Twitter agreed in April to take over the online platform for $ 44 billion (around 44 billion euros). After that, the Twitter shares lost significantly in value. Musk’s withdrawal from the agreement is likely to result in a long and costly legal battle. Both sides had agreed to a contractual penalty of up to one billion dollars in the event of a unilateral termination of the deal.