Both parties agreed to pay a $1 billion termination fee in the event that either backed out of the deal.
Twitter's chairman Bret Taylor took to the social media platform to announce that the board planned to pursue legal action.
The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery., Musk's lawyers said Twitter did not respond to multiple requests made by the entrepreneur demanding information crucial to the platform's development.
"For nearly two months, Mr. Musk has sought the data and information necessary to “make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform” ). This information is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr.
Will Musk's claims stand in court, or will Twitter have the upper hand? One thing is for sure. Once this ordeal reaches the courts, it is bound to get messy.
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