Twitter said Tuesday it has sued Elon Musk to force him to complete the US$44 billion acquisition of the social media company.
Musk and Twitter have been bracing for a legal fight since the billionaire said Friday he was backing off of his April agreement to buy the company.
Twitter filed its lawsuit in the Delaware Court of Chancery, which frequently handles business disputes among the many corporations, including Twitter, that are incorporated there. When Musk offered to buy the company and take it private in mid-April, the board initially tried to block him by deploying a financial maneuver that would have made the acquisition prohibitively expensive.
Twitter's suit calls Musk's tactics "a model of hypocrisy," noting that he had emphasized plans to take Twitter private in order to rid it of spam accounts. Once the market declined, however, Twitter noted that "Musk shifted his narrative, suddenly demanding `verification' that spam was not a serious problem on Twitter's platform, and claiming a burning need to conduct `diligence' he had expressly forsworn.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Twitter shares sink, with legal battle ahead as Elon Musk walks awayTwitter shares are on track to erase about US$1.4 billion in market value. Learn more.
Read more »
Twitter shares sink, with legal battle ahead as Elon Musk walks away - BNN BloombergTwitter shares fell in premarket trading after Elon Musk walked away from his US$44 billion deal to buy the company, setting the scene for a disruptive legal battle.
Read more »
Twitter hires law firm to sue Elon Musk after pulling out of $44B dealTwitter has hired a U.S. law firm as it prepares to sue Elon Musk and force him to complete the $44 billion acquisition of the company.
Read more »
Elon Musk mocks Twitter legal threat after scrapping $44B dealLegal experts say the 16\u002Dyear\u002Dold social media company has a strong legal case against Musk, but could opt for a renegotiation or settlement.
Read more »
Twitter hires U.S. law firm Wachtell to sue Elon Musk: sources
Read more »
Twitter shares slide as long legal battle with Elon Musk loomsTwitter is preparing to sue Elon Musk in Delaware after the billionaire said that he was abandoning his $44-billion bid for the social media company
Read more »