Author: Russell Harrower
- Twitter has filed a suit against billionaire Elon Musk to seek to hold the billionaire SpaceX founder to buy Twitter Inc.
- Musk however says he should not be liable to buy Twitter because of high spam account numbers that Twitter has on its platform and Twitter failed to proceed with ordinary course of business by laying off staff members.
- Twitter alleges Musk offered and agreed to terms that were “seller friendly”.
Twitter has filed a suit against billionaire Elon Musk to seek to hold the billionaire SpaceX founder to buy Twitter Inc.
It’s the latest in a series of twists and turns in the monthslong takeover saga after Musk said last week he wants to terminate the deal. Musk claims that Twitter violated their agreement by failing to disclose information about spam accounts on the platform and failed to proceed with the ordinary course of business by conducting layoffs.
Musks lawyers said that they were also considering whether Twitter’s declining stock performance in the midst of a broader market downturn has impacted the agreement.
After Musk's lawyers sent a letter to Twitter becoming public, Twitter’s board chairman, Bret Taylor, said that the company had planned to take the Tesla and SpaceX CEO to court. The company followed through on that promise on Tuesday (US time) with its complaint in the Delaware Court of Chancery.
Shortly after the complaint was filed Elon Musk tweeted “Oh the irony lol”.