Twitter sues to force Elon Musk to complete his $44B acquisition

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Twitter mentioned it has sued Elon Musk to pressure him to finish the $44 billion acquisition of the social media firm.

Mr Musk and Twitter have been bracing for a authorized battle for the reason that billionaire mentioned on Friday he was backing away from his April settlement to purchase the corporate.

The chair of Twitter’s board, Bret Taylor, tweeted on Tuesday that the board has filed a lawsuit within the Delaware Court docket of Chancery “to carry Elon Musk accountable to his contractual obligations”.

Twitter’s lawsuit opens with a sharply-worded accusation that “Musk refuses to honour his obligations to Twitter and its stockholders as a result of the deal he signed now not serves his private pursuits”.

“Having mounted a public spectacle to place Twitter in play, and having proposed after which signed a seller-friendly merger settlement, Musk apparently believes that he — not like each different celebration topic to Delaware contract regulation — is free to vary his thoughts, trash the corporate, disrupt its operations, destroy stockholder worth, and stroll away,” the go well with says.

The trial court docket in Delaware often handles enterprise disputes among the many many companies, together with Twitter, which are integrated there.

Mr Musk alleged on Friday that Twitter has failed to supply sufficient details about the variety of pretend accounts on its service.

Twitter mentioned final month that it was making out there to Mr Musk a ″hearth hose” of uncooked knowledge on lots of of hundreds of thousands of day by day tweets.

The corporate has mentioned for years in regulatory filings that it believes about 5% of the accounts on the platform are pretend.

Mr Musk can be alleging that Twitter broke the acquisition settlement when it fired two prime managers and laid off a 3rd of its talent-acquisition group.

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