Twitter has decided to go legal with billionaire and founder of electric car maker Tesla, Elon Musk trying to force him to complete his $44 billion acquisition of the firm as they take him to court.
So Twitter is trying to force Musk to buy the social media firm by Taking him to court after he made an offer to buy all of the company’s outstanding common stock for $54.20 per share back in April which we reported.
Well, the reason for Twitter forcing Musk to buy the firm comes after the billionaire not long ago announced on Friday, July 8, 2022, he no longer has an interest in buying the firm, and that he was pulling away from the $44B buyout offer.
According to Elon Musk, he claims that Twitter has failed to provide him with enough information in regards to the number of fake and spam accounts on the platform.
Twitter board after learning of this sudden change of plans from Musk, has decided to take him on legally as they hire a top US law firm (Lawyer/Attorney) to drag him to Delaware court and force him to complete the acquisition.
Twitter Sues Elon Musk: Twitter filed its lawsuit at the Delaware Court of Chancery, which frequently handles business disputes among the many corporations.
“Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”
“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, 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,” part of Twitter’s law suit stated.
Twitter’s share price stood at about $32.64 as Monday trading closed – falling further below the $54.20-a-share takeover price agreed by Mr Musk and Twitter’s board in April. According to BBC.