According to a court filing, Twitter Inc. is suing Elon Musk for breaching the $44bn contract to purchase the social media platform and is asking a Delaware court to force the world’s wealthiest person to complete the merger at the agreed $54.20 per Twitter share.
According to the complaint filed on Tuesday, “Musk obviously thinks that he – unlike every other person subject to Delaware contract law – is free to change his mind, trash the firm, disrupt its operations, destroy shareholder value, and walk away.”
Musk announced the termination of the arrangement on Friday, claiming that Twitter had broken the terms of the contract by not providing information that was essential to the company’s success on the prevalence of spam and bogus accounts on its platforms.
When asked for comment, Musk did not provide an instant response.
The social media platform’s share price dropped to $34.06 on Tuesday, from almost $50 when Twitter’s board agreed the acquisition in late April.
In the event that Musk does not go through with the sale as planned, he will be required to pay a $1 billion break-up fee.
