Twitter sues Elon Musk over breach of buyout deal

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After Elon Musk broke the deal last week to buy Twitter for $44 billion, the social network formally sued the billionaire on Tuesday to force him to complete the deal.

Twitter on Tuesday (July 12th) filed a complaint against Elon Musk in a court in the US state of Delaware for breach of the contract to buy the social network for 44 billion dollars, asking the court to compel the businessman to finalize the transaction at a price of $54.20 per share.

In his complaint, Twitter accuses the businessman of having orchestrated a public staging and believing himself above the laws of contract, after having “proposed and then signed” an amicable takeover agreement. Elon Musk believes he is “free to change his mind, trash the company, disrupt its operations, destroy shareholder value, and leave,” reads the document filed Tuesday by Twitter with the court.

The boss of Tesla announced Friday to end the $ 44 billion takeover agreement with Twitter, accusing the group of having breached its contractual obligations by providing in particular erroneous or incomplete data on the number of fake accounts. Twitter has denied those accusations.

Stock plummets

No comment could be immediately obtained from Elon Musk.

Twitter accuses the billionaire of a “long list” of breaches of their agreement, resulting in “throwing a veil over Twitter and its activities”.

The action of the social network tumbled Tuesday to 34.06 dollars, against more than 50 dollars when the offer to buy Elon Musk was accepted at the end of April by the board of directors of Twitter.

With Reuters


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