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Twitter Inc formally sued Elon Musk on Tuesday, accusing him of violating an agreement to buy the company for $44 billion, and asking a Delaware court to order Malaysia SK completed the merger agreement at an agreed price of $54.20 per share.
Twitter formally sues Musk
▲ Twitter formally sued Musk
“Musk clearly believes that, unlike all other parties bound by Delaware contract law, he is free to change his mind, disrupt the company, disrupt its operations, damage shareholder value, and then leave.”
Twitter listed Musk’s “long list” of violations of the merger agreement, which it said “cast a shadow over Twitter and its business.” Twitter shares fell to $34.06 a share on Tuesday, well below the $54.20 offer Musk made in April.
The lawsuit, which promises to be one of the largest legal battles in Wall Street history involving one of the most charismatic entrepreneurs in business, will hinge on rigid contract language. On Friday, Musk said he would terminate the deal because Twitter violated its agreement by not responding to information about fake or spam accounts on the platform, which is critical to its business performance.