Twitter sues entrepreneur Elon Musk for refusing to buy the social media BBC.
As mentioned, the billionaire backed out of a $44 billion deal to buy the social platform on Saturday, citing the company’s failure to meet its contractual obligations.
Twitter is now asking a Delaware court to compel the world’s richest man to complete the deal for $54.20 per Twitter share. In the document, they wrote a long list of the number of points that Musk had violated the previously concluded agreement. Twitter chief Brett Taylor wrote in connection with the case that they would “hold” Musk to account.
Twitter has previously indicated that he has hired a law firm and that he may sue Musk. The billionaire responded to this news with a meme – on Twitter.
Musk’s withdrawal was not without precedent, as in mid-May he temporarily put his Twitter purchase on hold due to the company’s quarterly report. Although Musk is expected to pay Twitter a billion dollars in fees if he withdraws from the deal, Musk argues that circumstances have arisen that make him not owe the company anything.
Since then, Twitter’s stock has fallen more than 8 percent, falling from a peak of over $50 a share.
You can find our article on the background to the Twitter acquisition here, and our photo of Elon Musk here.
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