Twitter sues Elon Musk for backing out of $44 billion deal

Twitter sued Elon Musk in Delaware on Tuesday for backing out of his $44 billion plan to buy the social media platform. 

The company said Musk “refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.” according to the lawsuit filed in the Delaware Court of Chancery.

Twitter wants to force Musk to complete the merger at the original agreed price of $54.20 per Twitter share, according to the court filing.

“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 wrote in the complaint. “This repudiation follows a long list of material contractual breaches by Musk that have cast a pall over Twitter and its business.”