Twitter filed suit against Elon Musk
The social network announced a legal process against Elon Musk for refusing to comply with the purchase agreed long ago
Twitter filed a lawsuit in a Delaware state court against billionaire Elon Musk to force Tesla’s founder and CEO to commit to his offer to buy the company after breaking the agreement between the parties.
“Musk apparently believes that he, unlike any other party subject to Delaware contract law, is free to change his mind, wreck the company, disrupt its operations, destroy shareholder value,” the company said.
Twitter shares fell more than 7 % on Monday after Musk confirmed his intention to terminate the contract to purchase the social network. The company accused the billionaire of causing its share price to crash.
As it is, a long court battle is expected to determine whether Twitter can force Musk to close the deal and become its owner, or at least get him to pay the $1 billion break-up fee set out in the original deal.
It must be remembered that Musk and Twitter agreed on this penalty figure to be paid if the parties withdrew from the agreement, although if Twitter intends to force the purchase under the agreed terms, the situation could be complicated for the tycoon.
K. Tovar
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Source: ElUniversal
