It seems that the battle of Elon Musk and Twitter continues, especially following the latter announced its intention to file a lawsuit once morest Musk in order to compel him to complete the purchase of the platform for $ 44 billion.
The most prominent question in this case is that if Twitter wins the court ruling, will it be able to force the billionaire known for his violation of norms, to buy the company that he does not want to own.
There are a few examples of similar incidents in which the buyer was forced to complete the purchase under the terms of the contract. For example, in 2008 a Delaware judge ordered Apollo Global Management INC to do its best to close its $6.5 billion deal to buy Huntsman Corp. chemicals.
The two parties later agreed that Apollo would pay an exorbitant fee instead.
And the head of Twitter announced, Friday, that the company will take legal measures to compel billionaire Elon Musk to implement the deal to buy the platform, following the Tesla founder canceled the $44 billion deal.
“The Twitter Board of Directors is committed to completing the transaction at the price and terms agreed with Musk,” Brett Taylor said in a tweet.
On Friday, Musk canceled his deal to buy Twitter, accusing the social media platform of providing misleading data and failing to provide information regarding the number of fake accounts, which is essential to the company’s business, according to a letter he sent to a regulator.
Musk’s cancellation of the $44 billion deal opens the door to a legal battle with the company over the fees to terminate the deal, which might reach $1 billion and more.
According to AFP, Musk’s lawyers said in a letter to Twitter, a copy of which was sent to the US Securities and Exchange Commission, that “Mr. Musk is exercising his right to cancel the agreement and abandon the deal.”