Twitter sues Elon Musk over termination of social network purchase deal

Twitter sues Elon Musk over termination of social network purchase deal

Twitter sued Elon Musk for canceling a deal to buy the social network

Twitter has filed a lawsuit against Elon Musk because of his refusal to buy a social network $44 billion purchase of the social network.

The platform intends to force the head of Tesla to fulfill its obligations and complete the purchase. The document says that the businessman «made a show» and acted in bad faith:

«Musk apparently believes that he […] could change his mind, disrupt the company, destroy the shareholder cost and walk away.”

Before the lawsuit was officially filed, Twitter's lawyers called the termination of the deal illegal.

The social network filed a lawsuit with the Delaware Court of Chancery and asked for an expedited hearing.

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Recall that in April, Elon Musk acquired a 9.2% stake in Twitter, and later offered to buy the company at a price of $54.2 per share. The management of the social network agreed to the terms.

The entrepreneur explained the initiative with a desire to create an “inclusive arena for freedom of speech.”

However, in May, Musk suspended the purchase process after reports of overestimation of the audience of the social network. After that, Twitter shareholders sued because of the “chaotic process” of the takeover of the company, accusing the head of Tesla of manipulating the market. 

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

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