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As expected, Twitter has sued Elon Musk to force him to hold the deal of a $44 billion acquisition. The lawsuit was filed in the Delaware Court of Chancery on Tuesday.
Elon Musk earlier announced in a letter to Twitter’s top lawyer that he wants to terminate the deal of acquisition agreement for $44 billion. Musk alleges that Twitter is ‘in material breach of multiple provisions’ of the deal. Musk says the company withheld the data about the number of bots and spam accounts on the platform.
Now Twitter’s legal team ridiculed Musk’s reason for deal termination and called it ‘invalid and wrongful’. The lawsuit by Twitter now demands Musk should follow through with the deal.
In April 2022, Elon Musk entered into a merger agreement with Twitter and within three months he refused to honor his deal.
Musk tweeted, ‘Oh the irony lol,’ right after the news came out about the lawsuit filed by Twitter. Musk also shared a meme the other day that meant he is waiting for Twitter to move the court regarding the deal and the latter has to explain and reveal the spams and bots when the court asks.
In all possibilities, there are many ways this deal could go. If the deal ends, Musk must pay the breakup fee. If Twitter wins in court, Elon Musk has to buy the company or he has to pay the damages without buying it.
If Musk agrees to settle with Twitter, he would have to pay his $1 billion breakup fee and many more billions in a brokered settlement. If Musk wins in court, he need not pay a break fee or he might think of other ways. If both Musk and Twitter agree to a lower price, which is speculated as one of Musk’s ideas to acquire the company for a lesser price than he asked first.
