Twitter has filed a lawsuit against Tesla CEO Elon Musk. This news follows after the billionaire pulled out from the 44 billion US Dollars deal to acquire the social media giant.
The microblogging platform had previously threatened to sue if the deal falls through, and now, a lawsuit has been filed against Elon Musk. For those unaware, Musk pulled out of the massive 44 billion US Dollar deal after Twitter failed to provide information on the bogus accounts. Following this news, Twitter’s shares took a hit and were down by 7 percent in extended trading. Thus, the company is suing Musk for disrupting its operations and destroying stockholder value.
According to Musk, the company had failed to comply with its contractual agreements since it failed to provide relevant business information related to spam account data. On the other hand, Twitter chairman Bret Taylor stated that the company’s board was “committed to closing the transaction” and planned to pursue legal action against Elon Musk to enforce the agreement.
Musk had planned to purchase the microblogging website for 54.20 US Dollars per share, which the social media platform had accepted. This translated to a 44 billion US Dollar deal. Although, Elon Musk and the company could settle and call off the purchase if the former pays a 1 billion US Dollar fine, which the latter accepts. This is all the information we have as of right now, so stick around for more updates regarding this matter.
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