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Twitter said Tuesday it has sued billionaire Elon Musk, seeking to force him to complete its $44 billion acquisition of the social media company.
Musk and Twitter are gearing up for a legal battle after the billionaire said Friday that he is backing out of a deal reached in April to buy the company.
Twitter’s lawsuit states that “Musk refuses to honor his obligations to Twitter and the company’s shareholders because the agreement he signed no longer serves his personal interests.”
“After making a public spectacle of using Twitter and proposing a friendly settlement with the seller, Musk appears to believe that he — unlike other parties subject to Delaware contract law — is free to change mind, attack the company, disrupt operations, destroy the value of the stock, and walk away from the deal,” the lawsuit states.
Twitter has filed the suit in a Delaware court that often deals with business disputes involving multiple corporations, including Twitter.
Musk said Friday that Twitter had failed to provide him with sufficient information about the fake accounts on the social network. Twitter said last month that it was providing Musk with hundreds of millions of data on daily posts.
The company said it believes about 5 percent of accounts opened on the platform are fake. Musk has also claimed that Twitter breached the agreement with him by firing two of its top managers.
When Musk offered to buy the company in April, the company’s board initially balked at the idea, but then agreed.
On April 25, Twitter said it has decided to sell the company to billionaire Musk for $54.20 per share. In a joint statement, Musk pledged to remove some of the restrictions on freedom of expression and remove fake accounts./ Radio Free Europe
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