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 his $44 billion acquisition of the social media company. The New York Times reports Twitter filed a complaint on Tuesday with the Chancery Court in Delaware alleging the billionaire wrongfully broke his agreement to purchase the platform. In April, Musk announced he was willing to buy Twitter for $54.20 per share, or about $44 billion, a proposal Twitter accepted less than two weeks later.
"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 way," Twitter said in its filing.
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