Twitter is suing Elon Musk, claiming Musk is refusing to “honor his obligations to stockholders because the deal he signed no longer serves his personal interests.'
PUBLISHED 5:37 PM EDT Jul. 12, 2022Social media giant Twitter is suing Elon Musk after the Tesla CEO said he was terminating the $44 billion deal to acquire the company, according to court filings released Tuesday, setting the stage for a protracted legal battle.
In documents submitted to the U.S. Securities and Exchange Commission last Friday, attorneys for Musk alleged the social media company was "in material breach of multiple provisions of that Agreement" “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,” the complaint continues.
The unraveling of the deal is just the latest twist in a saga between the world’s richest man and one of the most influential social media platforms. Much of the drama has played out on Twitter, with Musk — who has more than 100 million followers — lamenting that the company was failing to live up to its potential as a platform for free speech.
At first, Twitter offered Musk a seat on its board. But six days later, Twitter CEO Parag Agrawal tweeted that Musk will not be joining the board after all. His bid to buy the company came together quickly after that.
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