Twitter is suing Elon Musk to force the tech titan to commit to his bid to buy the company for $44 billion.
In a submitting with the Securities and Exchange Commission final week, Musk stated he was looking for to withdraw from the buy settlement, arguing Twitter had violated it by refusing to flip over information about spam and bot accounts on the web site.
In its suit filed Tuesday, Twitter accused Musk of breaching the buy settlement while inflicting its share value to tank.
“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,” Twitter stated.
Since Musk agreed to buy the company for $54.20 a share in April, Twitter’s share value has sunk to $34.06.
Twitter, whose headquarters is in San Francisco, is suing Musk in Delaware, the place its enterprise is registered and the place many civil fits involving companies are sometimes heard. In this case, Twitter will ask a choose to force Musk to make good on his supply to buy the company at the $44 billion value the two sides agreed upon.
“Musk’s conduct simply confirms that he wants to escape the binding contract he freely signed, and to damage Twitter in the process,” Twitter stated.
NBC News tried to contact Musk’s workplace at Tesla, however didn’t instantly obtain a response.
This is a breaking story. Check again for updates.
