Twitter adopted via on its promise to drive Elon Musk to purchase the corporate on Tuesday, suing the SpaceX and Tesla CEO in a Delaware court docket.
The corporate’s board doubled down final week after Musk’s authorized crew despatched Twitter a letter stating his intentions to withdraw from the deal. Twitter board chairman Bret Taylor tweeted that the corporate remained “dedicated” to closing the deal on the phrases the 2 events beforehand agreed to and signaled Twitter’s intentions to “pursue authorized motion to implement the merger settlement.”
Final week, Musk claimed that Twitter breached the phrases of the deal by failing to show that the variety of pretend accounts on the platform matches Twitter’s longstanding estimates. Musk started making lots of noise across the problem again in Could, after he’d already agreed to purchase the realtime social community for $44 billion.
Twitter doesn’t mince phrases within the lawsuit, providing a blistering criticism of Musk and an summary of the chaos that firm’s would-be proprietor has sown all through the now months-long saga:
In April 2022, Elon Musk entered right into a binding merger settlement with Twitter, promising to make use of his greatest efforts to get the deal accomplished. Now, lower than three months later, Musk refuses to honor 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 — in contrast to each different social gathering topic to Delaware contract regulation — is free to vary his thoughts, trash the corporate, disrupt its operations, destroy stockholder worth, and stroll away. This repudiation follows an extended record of fabric contractual breaches by Musk which have solid a pall over Twitter and its enterprise. Twitter brings this motion to enjoin Musk from additional breaches, to compel Musk to satisfy his authorized obligations, and to compel consummation of the merger upon satisfaction of the few excellent situations.
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