Twitter likely to pursue sale to Musk in court12. July 2022
Twitter likely to pursue sale to Musk in court
San Francisco, 12/7/2022
Twitter has announced it will take legal action to enforce its sale to Elon Musk for $44 billion.
The enforcement plan comes after Musk announced Friday that he will seek to rescind the deal. Reason: Tẃitter didn’t hand over enough data on the fake spam accounts -.
In a brief filed Friday, Musk’s lawyers argued that Twitter violated several provisions of the April merger agreement.
They accused Twitter of making “false and misleading representations” and violating the agreement by firing high-level executives and 30% of its talent acquisition team.
Twitter’s board is determined to close the deal at the agreed-upon price and terms, according to chairman Bret Taylor.
The legal process could begin later this year. Twitter could also sue Musk for a $1 billion buyout sum stipulated in the deal.
In April, Musk offered to take Twitter private for $44 billion, or $54.20 per share, to which Twitter’s board agreed.
Shares of the platform fell to $33.46 in premarket trading Monday, the lowest since March.