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Twitter sues Elon Musk

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Twitter sues Elon Musk for canceling its buyout

  • Elon Musk’s tactics to make hundreds of millions of dollars by manipulating the cryptocurrency market have earned him something of a reputation as a financial vulture. Now, his moves in the purchase of Twitter suggest that he is trying to buy the social network for a much lower price than agreed and for that he uses all the tricks within his reach.

Elon Musk no longer wants to buy Twitter, and that has not endeared him to the social network’s team, which has filed a formal lawsuit saying he refuses to “fulfill his obligations” under the deal.

It is looking for it to finish what it promised, to buy for the $44 billion price tag announced on April 25, and to stop making excuses if bot and spam activity on the platform.

In Twitter’s own words:

We filed this action to compel Musk to comply with his legal obligations and to compel consummation of the merger once the few remaining conditions have been satisfied.

The lawsuit has been filed in Delaware Court, and Twitter board chairman Bret Taylor said the lawsuit is intended to “hold Elon Musk accountable.”

The lawsuit portrays Elon Musk as someone with an unexpected and unusually generous offer to Twitter, only to turn around almost immediately and start tinkering with the company and the idea of walking away from his deal. All of that has sent Twitter’s stock tumbling, hurting the network badly.

On the other hand, Musk continues to claim that Twitter has a problem with bots and spam, although he didn’t ask Twitter about its spam estimates before the deal was signed.

Twitter’s lawsuit contains details about discussions between Musk’s team and Twitter management over the past few weeks, including text messages sent recently by Musk, where he tells the CEO and CFO to stop investigating the status of their funding for the deal.

The Musk merger deal has a deadline of Oct. 24, so Twitter’s hope is that its case will be heard before then.

Surely it will be, given the media noise that is being generated.

You can read the lawsuit in this PDF.

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