BREAKING: Twitter files lawsuit against Elon Musk for terminating $44 billion takeover deal

BREAKING: Twitter sues Elon Musk for terminating his $44 billion takeover deal

Twitter has filed a lawsuit with the Delaware Chancery Court in which it is suing Elon Musk for pulling out of his proposed takeover deal.

According to a court filing in the US city of Delaware today, Tuesday, July 12, as a result of Elon Musk pulling out of his $44 billion (€43.83bn) deal to purchase Twitter, the social media platform is suing him. It has filed a lawsuit insisting that the world’s richest man completes the deal as agreed.

“Musk refuses to honour his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests. 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”, read the lawsuit, as reported by the New York Times.

Musk had closed an agreement on April 25 with the Twitter board to buy the company’s shares at $54.20 (€54) each, but then said the deal was off last Friday, July 8. He accused them of violating the terms of the contract. His legal team claimed that their requests for data relating to the number of spam or fake accounts on the platform had been ignored.

Staff were informed of the lawsuit this afternoon in a company-wide memo released by Sean Edgett, Twitter’s General Counsel.

As reported by the New York Times, Edgett’s memo read: ‘We have also filed a motion for an expedited trial alongside the complaint, asking for the case to be heard in September, as it is critically important for this matter to be resolved quickly”.

Edgett added: ‘At this point, we anticipate the next step in the process will be for the court to set a schedule for the case’.

As both the company that Elon Musk is using to negotiate the proposed takeover, and Twitter, are incorporated in Delaware, the case will be heard in the Delaware Chancery Court.

___________________________________________________________

Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.

FacebookTwitterRedditWhatsAppTelegramLinkedInEmailCopy Link
Go Back
Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

Comments


    Leave a comment

    Your email address will not be published.