Twitter sues Elon Musk over termination of $44 billion deal to buy the social network

Twitter filed a lawsuit against Elon Musk over his decision to back out of the deal to purchase the social network for $44 billion.

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The platform intends to compel the Tesla chief to fulfil his obligations and close the purchase. The document says the entrepreneur \”staged a show\” and acted in bad faith:

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\”Musk, apparently, believes that he […] can back out, disrupt the company’s operations, destroy shareholder value and walk away.\”

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Before the formal filing of the suit, Twitter’s lawyers called the termination of the deal unlawful.

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The social network filed the suit in the Delaware Court of Chancery and requested an expedited hearing.

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In April, Elon Musk acquired 9.2% of Twitter’s shares, and later proposed to buy the company at $54.2 per share. The social network’s management agreed to the terms.

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The entrepreneur said the move was driven by a desire to create ‘an inclusive arena for freedom of speech’.

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But in May, Musk halted the purchase process after reports that the social network’s user metrics were overstated. Following this, Twitter’s shareholders filed suit over the ‘chaotic process’ of the takeover, accusing the Tesla chief of market manipulation.

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In July, Musk announced the termination of the agreement to acquire the social network.

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