Twitter filed a lawsuit against billionaire American businessman Elon Musk, on Tuesday, for violating the $44 billion agreement To buy a social media platform.
Twitter asked a Delaware court to order the world’s richest person to complete the acquisition for the agreed-upon consideration of $54.20 a share of Twitter, according to the lawsuit.
“Disrupt Company Operations”
“Having proposed and then signed a takeover agreement, Musk appears to believe that, unlike all other parties subject to Delaware Contracts Act, he is free to change his mind, disrupt the company’s operations and destroy the value of its stock before going on his way,” the lawsuit says.
Long list of violations
The lawsuit also accused Musk of committing a “long list” of takeover agreement violations that “cast a shadow over Twitter and its business.”
In contrast, Musk said Friday that he terminated the deal because Twitter violated the agreement by not responding to requests for information about fake accounts or spam on the platforms, which is essential to its business.
Stocks tumble
Shares in the social media platform fell to $34.06 today, Tuesday, from more than $50 when Twitter’s board of directors accepted the deal in late April.
And Twitter announced in a letter it sent to Elon Musk, yesterday, Monday, that the billionaire’s withdrawal from the deal is a “null and unjustified” decision, stressing that it has complied with everything stipulated in the agreement concluded between the two parties last April.