Twitter sues Elon Musk for attempting to back out of $44 billion buyout deal

Twitter is suing Elon Musk to force the Tesla and SpaceX CEO to complete its $44 billion acquisition of the social media company. The New York Times reports Twitter filed a complaint in Delaware’s Chancery Court on Tuesday, alleging that the billionaire wrongly broke his agreement to buy the platform. In April, Musk announced that he was willing to buy Twitter for $54.20 per share, or about $44 billion, an offer Twitter accepted less than two weeks later.

“Having organized a public spectacle to bring Twitter into play, and after proposing and then signing a seller-friendly merger agreement, Musk appears to believe that, unlike any other party subject to Delaware contract law, it gives him is free to change his mind and destroy the company, disrupt its operations, destroy shareholder value and walk the path,” Twitter said in its filing.


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