Twitter has sued Elon Musk to compel him to complete his $44 billion acquisition of the social media company.
The company sued Musk in Chancery Court in Delaware on Tuesday to push the Tesla CEO to follow through with the acquisition agreement.
Musk had agreed to buy the micro-blogging platform in April but backed out of the deal last Friday.
Noting that Musk was exercising his right to terminate the merger agreement and abandon the transaction, his lawyers stated in a Securities and Exchange Commission filing that Twitter was “in material breach of multiple provisions” of the merger deal signed months ago.
As part of the deal, Musk and Twitter had agreed to pay each other a $1 billion breakup fee if either was responsible for the deal falling through.
The company could have pushed Musk to pay the hefty fee but is going further than that, trying to force him to complete the full $44 billion purchase approved by the company’s board.
“Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests,” Twitter said in the suit.
“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.”
Twitter’s chief executive, Parag Agrawal, tweeted in response, “We took this opportunity to tell our story and defend our company, our people and our stockholders.”
He added: “We plan to hold the buyer fully accountable to fulfill his contractual obligations. We will prove our position in court, and we believe we will prevail.”
Reacting to the lawsuit, Musk tweeted, without explanation, “Oh the irony lol.”
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