Twitter Sued Elon Musk Over $44 Billion Acquisition Exit

July 12, 2022

MCP News Free

Twitter Sued Elon Musk Over $44 Billion Acquisition Exit

As promised by Bret Taylor, the Twitter board chair, Twitter has sued the CEO of Tesla and SpaceX, Elon Musk for attempting to back out of his $44 billion Twitter Inc. acquisition deal.

Twitter has filed a lawsuit in the Delaware Court of Chancery to hold Elon Musk accountable to his contractual obligations.
— Bret Taylor (@btaylor) July 12, 2022

Here is a great offer for you;

As a crypto enthusiast, it is noteworthy that you benefit from our ParadiseFamilyVIP discount code before it expires, use PRO20% for your 20% discount now; you will get the information and education from the Paradise Team to make you stand out in the midst of every other trader, we make daily analyses of Bitcoin, Ethereum, and other trending altcoins on Binance (Spot&Futures), Kucoin, and Bybit exchanges, make necessary adjustments on our positions to conform with the recent market situation.

With us, you will get the right psychology of trading to survive any market conditions. Click here to see reviews from our clients.

Elon Musk Sued For Canceling Twitter Acquisition Deal

The 241-page lawsuit was filed against Mr. Musk in Delaware’s Court of Chancery on Tuesday and indicted that Elon Musk is hypocritical and of bad faith in his approach while trying to acquire Twitter.

“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,” Twitter said in the lawsuit.

Musk and his representative didn’t immediately respond to comments.

However, Twitter will be represented in the case by Wachtell, Lipton, Rosen & Katz, the New York City law firm focused on mergers, acquisitions and other business transactions.

Elon Musk in his quest for free speech, moved to buy Twitter Inc. some months ago for $52.4 per share, after which the crypto community has been waiting for his acquisition and looking at how crypto could be integrated into the operating system of the platform.

Musk, however, announced his intent to pull out of the acquisition deal following his claim that Twitter refused to disclose every necessary information to him regarding the company, he claimed that Twitter was not faithful about the number of spam accounts in the App.

Also, during the period of the acquisition process, Twitter’s worth dropped, making the amount he proposed to be much higher than the current worth of the company.

In response to all these controversies, the self-acclaimed “DogeFather” announced his intention to pull out of the $44 billion acquisition deal.

Following Elon Musk’s pull-out announcement, Twitter immediately responded that it would sue Elon Musk for canceling the deal to acquire Twitter.

What do you think will end Elon Musk’s case with Twitter? Do you think Elon Musk will be forced to acquire Twitter after his move to pull out? Share your thoughts by commenting below.

Join our telegram channels where we share our FREE updates and analysis on coins like BTC, ETH, and other trending altcoins. We also share our FREE secret insights. And also FREE market updates.