{"id":15324,"date":"2022-07-12T19:34:11","date_gmt":"2022-07-12T23:34:11","guid":{"rendered":"https:\/\/gnbnow.com\/?p=15324"},"modified":"2022-07-12T19:40:48","modified_gmt":"2022-07-12T23:40:48","slug":"twitter-sues-elon-musk-to-force-him-to-complete-44-billion-deal","status":"publish","type":"post","link":"https:\/\/gnbnow.com\/twitter-sues-elon-musk-to-force-him-to-complete-44-billion-deal\/","title":{"rendered":"Twitter sues Elon Musk to force him to complete $44 billion deal"},"content":{"rendered":"\n<p>Twitter officially filed suit against Elon Musk in Delaware Chancery Court on Tuesday to compel him to buy the company for $44 billion. <\/p>\n\n\n\n<p>In April 25, Musk agreed to purchase the company\u2019s outstanding common stock at $54.20 per share, roughly $44 billion. As of Tuesday, Twitter was trading around $34 a share. <\/p>\n\n\n\n<p>Twitter\u2019s suit was expected after Musk\u00a0said last week\u00a0that he no longer plans to buy Twitter , citing Twitter bots and claiming that the company didn\u2019t give him the information he needed to evaluate the deal.<\/p>\n\n\n\n<p>The\u00a0<a href=\"https:\/\/www.documentcloud.org\/documents\/22084456-final-verified-complaint\" target=\"_blank\" rel=\"noreferrer noopener\">lawsuit<\/a> accuses Musk of hypocrisy and bad faith in breaching his contract with Twitter.<\/p>\n\n\n\n<p>&#8220;Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests,&#8221; the <a href=\"https:\/\/www.documentcloud.org\/documents\/22084456-final-verified-complaint\" target=\"_blank\" rel=\"noreferrer noopener\">lawsuit<\/a> said. <\/p>\n\n\n\n<p>&#8220;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\u2014unlike every other party subject to Delaware contract law\u2014is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,&#8221; it added.<\/p>\n\n\n\n<p>The suit accused Musk of &#8220;a long list of material contractual breaches by Musk that have cast a pall over Twitter and its business&#8221; and asks the court to &#8220;compel consummation of the merger upon satisfaction of the few outstanding conditions.<\/p>\n\n\n\n<p>&#8221; The lawsuit points out that in the purchase agreement, &#8220;Twitter negotiated for itself a robust right to demand specific performance of the agreement&#8217;s terms that encompassed the right to compel defendants to close the deal, and ensured that Musk personally was bound by that provision (among others).&#8221;<\/p>\n\n\n\n<p>Twitter filed the suit to \u201chold Elon Musk accountable to his contractual obligations,\u201d Twitter board chair Bret Taylor\u00a0tweeted.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Twitter has filed a lawsuit in the Delaware Court of Chancery to hold Elon Musk accountable to his contractual obligations.<\/p>&mdash; Bret Taylor (@btaylor) <a href=\"https:\/\/twitter.com\/btaylor\/status\/1546965769983889409?ref_src=twsrc%5Etfw\">July 12, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u201cOh the irony lol,\u201d Musk\u00a0tweeted\u00a0after Twitter\u2019s filing.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Oh the irony lol<\/p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1546980241494745100?ref_src=twsrc%5Etfw\">July 12, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Twitter officially filed suit against Elon Musk in Delaware Chancery Court on Tuesday to compel him to buy the company for $44 billion. In April 25, Musk agreed to purchase the company\u2019s outstanding common stock at $54.20 per share, roughly $44 billion. As of Tuesday, Twitter was trading around $34 a share. Twitter\u2019s suit was [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[596],"tags":[846,933],"class_list":{"0":"post-15324","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-tech","8":"tag-elon-musk","9":"tag-twitter"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Twitter sues Elon Musk to force him to complete $44 billion deal - gnbnow<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gnbnow.com\/twitter-sues-elon-musk-to-force-him-to-complete-44-billion-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Twitter sues Elon Musk to force him to complete $44 billion deal - gnbnow\" \/>\n<meta property=\"og:description\" content=\"Twitter officially filed suit against Elon Musk in Delaware Chancery Court on Tuesday to compel him to buy the company for $44 billion. 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