Jakarta –
Twitter officially sued to force the world’s richest man to follow through on his deal to buy the social media company the blue bird for $44 billion.
The lawsuit was filed in the Delaware Court of Chancery on Tuesday (12/7/2022) local time. Twitter’s team of attorneys said they were trying to prevent Musk from breaching the agreement, and to “force finalize the merger after meeting several unresolved conditions.”
“In April 2022, Elon Musk signed a binding merger agreement with Twitter, pledging to use his best efforts to complete the deal. Now, less than three months later, Musk refuses to honor his obligations to Twitter and shareholders because the deal he signed no longer serves. his personal interests,” reads the lawsuit.
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“After putting up a public spectacle to play Twitter, and after proposing and then signing a seller-friendly merger agreement, [Mr] Musk appears to believe that he – unlike every other party subject to Delaware contract law – is free to change his mind, destroy the company, disrupt its operations, destroy shareholder value, and walk away.”
Twitter has also taken issue with some of the ways Musk has accused the company of violating the acquisition agreement, including claims the social media breached the deal by releasing two senior executives last month.
Twitter claims Musk wants a merger agreement stating that the company cannot hire or fire employees at or above the vice president level without Musk’s approval. “Twitter managed to reach that requirement before signing,” Twitter said in its lawsuit.
Shortly after news of the lawsuit was filed, Musk tweeted, “Oh irony lol.” Musk did not immediately respond to a request for comment from CNN.
Surely it will be a lengthy court battle to determine whether Twitter can force Musk to close the deal and become the owner, or at least make him pay the $1 billion that was set out as a breakup fee in the original agreement.
Twitter in its lawsuit filed a motion to speed up proceedings in the case, asking for a four-day trial of the dispute to be resolved by September.
“Expedition is critical to enabling Twitter to secure profits from its bargain, to address Musk’s continued abuses, and to protect Twitter and its shareholders from the ongoing market risks and operational losses resulting from Musk’s attempts to exit a stringent merger agreement, ” Twitter wrote in the filing document.
Watch Videos”Twitter is said to have blocked Elon Musk’s account, this is the fact“
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(afr/afr)
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