Elon Musk tried to pull the plug(opens in new tab) on his attempt to purchase Twitter last week, leading Twitter to threaten legal action to force the deal through. Today Twitter followed through, filing a lawsuit that accuses Musk of refusing to honor his commitment «because the deal he signed no longer serves his personal interests.»
Musk originally offered to buy Twitter for $43.4 billion(opens in new tab) in April, in order to help realize its «potential to be the platform for free speech around the globe.» He entered into a definitive agreement(opens in new tab) to make the purchase just over a week later. But things have gone sideways since then: In May, Musk arbitrarily declared the deal on hold while his team investigated «spam/fake accounts» on Twitter; he later accused Twitter leadership of failing to provide the information required to accurately assess the situation.
In June, Twitter offered to effectively drown Musk in data with a "fire hose(opens in new tab)" of every tweet posted every day, but Musk apparently wasn't interested, and so here we are.
«Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he—unlike every other party subject to Delaware contract law—is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,» the lawsuit(opens in new tab) (via Deadline(opens in new tab)) states. «This repudiation follows a long list of material contract breaches by Musk that have cast a pall over Twitter and its business. Twitter brings this action to enjoin Musk from further breaches, to compel Musk to fulfill his legal obligations, and to compel
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