Less than a week after Elon Musk announced that he was withdrawing from the agreement agreed to buy Twitter for 44 billion dollars because he considered, the company had not complied with several points of the agreement, the social network confirmed on Tuesday that it entered an appeal before the US justice.
It is a lawsuit in the Court of Chancery of Delaware, which reported bret Taylor himself, chairman of the board of Twitter, aims to make Elon Musk «responsible for his contractual obligations.»
This reinforces the fact that these reasons had already been specified or in a letter they sent to the U.S. Securities and Exchange Commission.
The legal requirement entered by Twitter is intended that the millionaire be forced to finalize the purchase, which had a price per share of $ 54.2, in case of ruling in favor of Twitter, Elon Musk would have to pay a fine for compensation of one billion dollars.
«(Twitter pointing to Musk) believes that he, unlike any other party subject to the Delaware Contract Law, is free to change his mindset, tear up the company, disrupt its operations, destroy shareholder value and walk away.»
When Elon Musk issued an offer that he had not requested by Twitter and that ended in the signing of a merger agreement, the market went down, which affected the value of Tesla’s shares and whose impact went directly into the pocket of the tycoon.
Even Twitter accuses him of committing bad practices such as the fact that before his intentions were made known, he began to accumulate a stake in the company without this being revealed.
Elon Musk’s main obstacle to not acquiring Twitter is the fact that the number of spam accounts cannot be counted exactly. Although the social network granted him special permissions to review some data, these did not fill Musk’s eye.