Twitter sues Musk for terminating the deal

Twitter will now go to the court to attempt to force Elon Musk to complete the $44 billion purchase. Twitter will seek to compel Musk to complete the purchase at $54.20 per share, the original agreement proposed by the Space-X CEO.

Twitter claimed that the attempted cancellation of the deal agreed upon by the two parties was invalid and wrongful, according to the company’s legal team. It also claimed that they provided the billionaire with all of the information requested regarding the volume of phony accounts on the platform.

The company has claimed that only 5% of the monetizable daily active users are spam accounts, while Musk says he was never given accurate information when it came to this assertion. In response to Musk’s letter, Twitter noted, “Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, [Mr.] 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.”

The letter said, “In April 2022, Elon Musk entered into a binding merger agreement with Twitter, promising to use his best efforts to get the deal done. Now, less than three months later, Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”