Twitter sued Elon Musk for breaching his $44 billion deal to buy the company
Image courtesy:elonmusk,Twitter/Twitter
On Tuesday, Twitter sues the world’s wealthiest man, Elon Musk for violating his $44 billion deal to buy the social media platform, asking a Delaware court to order Elon Musk to complete the merger at the agreed $54 per Twitter share.
The complaint states that 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 operation, destroy stockholder value, and walk away.
The lawsuit accuses Musk of a long list of violations of the merger agreement that ‘have cast a pall over Twitter and its business’.
Since the deal was declared, it is said for the first time that employee attrition has been ‘on the upswing.’
“The microblogging site also accused Musk of ‘secretly’ accumulating shares in the company between January and March without properly disclosing his substantial purchases to regulators, adding that he “instead kept amassing Twitter stock with the market none the wiser”,” a source as per the Mint.
On Tuesday, Twitter shares closed at $34.06, up 4.3%, but sharply below the levels above $50 where it traded when the deal was accepted by Twitter’s board in April.
