Twitter sued billionaire entrepreneur Elon Musk on Tuesday for violating a $44 billion deal to buy the social media platform.
Twitter asked a Delaware court to order the richest person in the world to complete the acquisition for the agreed-upon consideration of $54.20 per share in Twitter, stressing that no financial compensation can repair the damage caused to the tweets site as a result of the billionaire's withdrawal from the agreement, according to what stated in the lawsuit.
After he proposed a takeover agreement...and then signed it, Musk apparently believes 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 his way. .
On Friday, Musk said 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.
The lawsuit accused Musk of committing a "long list" of takeover agreement violations that "cast a shadow over Twitter and its business."
Twitter had officially warned Musk on Monday, saying that it considered his withdrawal from the deal “null and unjustified,” stressing that it had complied with everything stipulated in the agreement concluded between the two parties in April.
mutual accusations
While Musk accuses Twitter of not complying with the terms of the agreement, especially not providing him with all the data related to the fake accounts on the platform, the "blue bird" company said that it is asking the billionaire to fulfill his obligations stipulated in the agreement.
Justifying his decision to withdraw from the deal, Musk said - in an official letter he addressed to Twitter - that the latter had not fulfilled its obligations stipulated in the agreement.
Musk also accused Twitter of violating the agreement between it and him by recently issuing a number of decisions, including the hiring freeze, contrary to its obligation under the agreement to continue working normally.
But Twitter's defense agents responded to Musk's book with the same, stressing in the warning they sent to him on Monday, that all the accusations made by the billionaire against the company are unfounded.
Twitter, in particular, confirmed that it had provided Musk with all the data he requested of it regarding the number of fake accounts, stressing that the number is less than 5% of the total accounts registered on the platform, but the billionaire confirms that the real number of these fake accounts is much greater.
For many legal experts, Musk's reasons for his decision to withdraw from the deal are not legally sufficient to break the contract.
Shares in the social media platform fell to $34.06 on Tuesday from more than $50 when Twitter's board of directors accepted the deal in late April.