Twitter has sued Tesla owner and richest man on the earth Elon Musk for backing out from the deal of buying the company. Twitter has said that the billionaire is obligated to complete the deal. Recently Musk accused Twitter of breach instances last week and walked away from the deal.
The complaint at Delaware Court
The latest business news today is that Twitter has complained to Delaware court and has urged the court to give orders regarding the completion of the deal.”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,” said the complaint.”For Musk, it would seem, Twitter, the interests of its stockholders, the transaction Musk agreed to, and the court process to enforce it all constitute an elaborate joke,” states the lawsuit.
What Musk Said Last Week
The Tesla owner said last week that he is walking away from the deal because Twitter violated the agreement by failing to respond to requests for information regarding fake or spam accounts on the platform, which is fundamental to its business performance.“In its complaint Twitter is taking a strong position that Musk had a case of buyer’s remorse – and that, and not bots, is the reason for his decision to walk away from the deal,” said Brian Quinn, a professor at Boston College Law School. The facts Twitter presents here make an extremely strong argument in favor of Twitter getting this deal closed.”
Elon Musk is one of the most-followed people on Twitter. On May 16, 2022, Musk tweeted a poop emoji in the context of the tweet by Twitter CEO Parag Agarwal which explained the efforts the company takes to deal with the spam accounts. Musk texted CEO Parag Agrawal and CFO Ned Segal on June 28, “Your lawyers are using these conversations to cause trouble. That needs to stop.”, read the text. Amid all, Twitter is asking the court to deal with this case on an urgent basis and insists Musk remain obliged with the deal. Twitter is an American communication company that is used for micro-blogging and for keeping up with the latest trending news in India and around the world.
Shikha Chopra Blog 