Twitter sued Elon Musk on Tuesday for breaching the company’s $44 billion purchase contract.calling the tycoon’s strategy a “model of hypocrisy,” according to court documents.
(Also: Twitter shares plummet following cancellation of Elon Musk purchase)
The lawsuit filed in the US state of Delaware urges the court to order Musk to complete his Twitter purchase agreement, arguing that no economic compensation can repair the damage caused to the company.
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“Musk’s conduct confirms that he wants to escape the binding contract he freely signed, and harm Twitter in the process,” the company maintains in the lawsuit.
“Twitter has suffered and will continue to suffer irreparable harm as a result of Defendants’ breaches.” Twitter shares rose slightly in following-market trading when the news broke. Analysts say Musk’s announcement to cancel the purchase puts the company in a difficult situation at a difficult time.
After weeks of threats, the tycoon withdrew the purchase offer late last week, accusing Twitter of making “misleading” statements regarding the number of fake accounts, according to a letter from his lawyers provided to US market regulators. In his first public statements since his announcement, Musk took to Twitter over the weekend to troll the company.
“They said I can’t buy Twitter. Then they didn’t want to reveal bot information. Now they want to force me to buy Twitter in court. Now they have to reveal bot information in court,” he wrote in a tweet accompanied by images of him laughing. .
The termination of the purchase agreement that Musk signed in April it sets the stage for a potentially lengthy court battle with Twitter, which had initially opposed selling the company to the businessman.
(You can continue reading: Elon Musk, an executioner of the elites or an egotistical pragmatist?)
Twitter defends its control of false accounts and has promised to force Musk to complete the agreement, which contemplated a penalty of 1,000 million dollars in case of non-compliance.. The social network says that the number of false accounts is less than 5%, a figure disputed by Musk, who believes that the percentage is much higher.
