Twitter will sue billionaire Elon Musk after he retracted its purchase!
Twitter announced that it will sue billionaire Elon Musk, after the latter announced on Friday evening that he had informed the US Stock Exchange that he had abandoned the purchase of the famous platform.
Twitter CEO Brett Taylor said in a tweet that the company's board of directors is committed to completing the transaction according to the price and terms agreed with Musk.
He added that the company will "follow up the legal procedures to implement the agreement. We are confident that we will win."
Billionaire Elon Musk canceled his deal to buy Twitter on Friday, accusing the social networking platform of providing "misleading" data about the number of fake accounts, according to a letter he sent to the Exchange.
Musk's cancellation of the $44 billion deal he signed in April opens the door to a legal battle with the San Francisco-based company, over fees to break the deal, which could reach $1 billion and more.
"Mr. Musk is exercising his right to cancel the agreement and abandon the deal," his lawyers said in a letter to Twitter, a copy of which was sent to the US Securities and Exchange Commission.
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