To compel entrepreneur Elon Musk to follow through on his $44 billion agreement to buy the platform, Twitter has filed a lawsuit against him.
On Tuesday, Twitter filed a lawsuit.
In a Friday letter, Musk revealed that he was backing out of the huge Twitter acquisition due to the number of bogus accounts on the network.
“Twitter has failed or refused to supply this information,” the letter stated. “Twitter has ignored Elon Musk’s demands. He has been rejected for reasons that seem unjustified and at other times, the company has claimed to comply while providing Mr. Musk unusable or incomplete information.”
The firm claims that 5% of the individuals on the site are phony or bots, however, Musk said in June that as many as 20% or more of the people aren’t genuine.
The platform’s attorneys are suing Musk for breach of contract in the lawsuit against him.
Musk apparently thinks he — unlike any other party subject to Delaware contract law — has the power to change his mind, trash the firm, destroy stockholder value, disrupt its operations, and walk away, according to the complaint.
Since signing the merger agreement, Tesla CEO Elon Musk has slandered Twitter and the transaction repeatedly, posing a business risk for Twitter and weighing on its stock price.
Elon Musk has been reported to have agreed to pay Twitter $1 billion if he withdrew from the agreement.
After Musk said he was backing out of the arrangement, he tweeted a meme implying that Twitter would be required to disclose how many phony accounts were discovered throughout the trial’s discovery phase. That message quickly spread.
In a straightforward tweet Tuesday, the tycoon appeared to remark on the news.
“It’s so funny, isn’t it?” he wrote. “The irony,” he added.
A cybersecurity attorney named Leeza Garber told Fox News host Neil Cavuto that the only people who would benefit are the legal professionals since they will receive billable hours. Garber also said it’s unlikely the court will compel Musk to fulfill his multi-billion dollar agreement.
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