Elon Musk has been sued by Twitter for breaching a contract to buy a social media platform. The company has asked the court to order the owners of Tesla and SpaceX to complete the transaction.
Twitter Inc. sued Tesla and SpaceX boss Elon Musk on Tuesday for violating a $ 44 billion contract to buy a social media platform and asked a Delaware court to order him to complete the deal for an agreed amount of $ 54.20 per share.
“Musk clearly believes that he, unlike any other party under Delaware’s contract law, can change his mind, destroy the company, disrupt its operations, destroy shareholder value and withdraw,” the lawsuit said.
Musk resigns from purchasing Twitter
Elon Musk withdrew on Friday from the purchase of Twitter, and the management of the website decided to sue him for this decision and to demand compensation. In a letter to management, Musk said he was ending the purchase agreement due to “false and misleading” information about the company.
After Musk’s decision, Twitter’s stock market share fell by more than 6%, and the website began to complain about the loss of investor confidence and the crackdown of advertisers.
Both parties to the agreement have agreed to pay damages of up to $ 1 billion if the transaction was not finalized for reasons not provided for therein.
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