Twitter has sued billionaire Elon Musk in an attempt to force him to complete a deal to buy the social media company. The lawsuit, filed in Delaware Chancery Court on Tuesday, comes after Musk said in a letter to Twitter's lead lawyer late Friday that he wanted to terminate the blockbuster $44 billion deal.
In Friday's letter, Musk's lawyers said Twitter (TWTR) had “seriously violated multiple terms of the deal,” claiming the company concealed requests from Musk to assess the number of bots and spam accounts on the platform. data. Twitter's legal team hit back in a letter Monday, calling Musk's attempt to terminate the agreement “ineffective and wrong,” claiming that Musk himself violated the agreement, and asking him to insist on closing the deal.
In a complaint filed on Tuesday, Twitter's lawyers said they were seeking to prevent Musk from further breaching the agreement and “compulsively complete the merger after a few outstanding conditions are met.” “In April 2022, Elon Musk entered into a binding merger agreement with Twitter, pledging to do his best to close the transaction,” the complaint states. “Now, less than three months later, Musk is refusing to meet his obligations to Twitter and its shareholders because the deals he signed are no longer in his personal interest.”
Shortly after news of the lawsuit, Musk tweeted: “Oh, ironic lol.” Musk did not immediately respond to CNN's request for comment. The deal could now enter a lengthy court battle to determine whether Twitter can force Musk to close the deal and become its owner, or at least make him pay the $1 billion breakup fee stipulated in the original agreement.
Financial data and events to focus on today:
20:30 The annual rate of CPI in the United States was not adjusted seasonally in June
20:30 US June seasonally adjusted CPI monthly rate
22:00 Bank of Canada announces interest rate decision
22:30 EIA crude oil inventories for the week from the United States to July 8
22:30 U.S. to July 8 EIA Strategic Petroleum Reserve inventory for the week
23:00 Bank of Canada Governor Macklem holds a press conference
The next day at 02:00 The Federal Reserve will announce the Beige Book of economic conditions
Leave a Reply