Twitter Sues Elon Musk After He Tries Backing Out of $44 Billion Takeover
Summary from the AllSides News Team
Twitter sued Elon Musk on Tuesday after he tried to back out of his $44 billion deal to acquire the company.
The lawsuit was filed in the Delaware Court of Chancery, which specializes in corporate disputes and has a history of preventing companies from walking away from agreements. Twitter claimed that Musk "refuses to honor his obligations to Twitter and its stockholders" because the binding merger agreement he signed "no longer serves his personal interests." The court will determine whether the Tesla CEO must follow through with the purchase or whether Twitter had unjustifiably rejected Musk's requests for data on how the platform measures what percentage of its users are spam bots. Twitter is asking the court for an expedited four-day trial this September.
Outlets across the spectrum highlighted legal experts who said the outcome of the case "could be unpredictable."
Featured Coverage of this Story
From the Center
Twitter sues Elon Musk to enforce original merger agreement
Twitter filed suit against Elon Musk in the Delaware Court of Chancery on Tuesday after the billionaire said he was terminating his $44 billion deal to buy the company.
Twitter said Musk, after entering a binding merger agreement, now “refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”
“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...
From the Left
Twitter Sues Musk After He Tries Backing Out of $44 Billion Deal
Twitter sued Elon Musk on Tuesday to force the billionaire to complete his $44 billion acquisition of the company, setting the stage for a prolonged legal battle over the fate of the social media service.
Mr. Musk agreed in April to buy Twitter but declared last week that he intended to walk away from the deal. To push Mr. Musk to abide by the acquisition agreement, Twitter sued him in Chancery Court in Delaware. The court will determine whether he remains on the hook for the purchase or whether Twitter violated its obligation...
From the Right
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...
AllSides Picks
April 17th, 2024
April 17th, 2024
More News about Technology from the Left, Center and Right
From the Left
From the Center
From the Right
