The claim marks the start of what could be a drawn-out legal battle as Twitter looks for to hold Musk to his offer to pay USD 54.20 per share for the business.

Tesla CEO Elon Musk was quick adequate to react to a lawsuit submitted versus him by Twitter for breaching the USD 44 billion agreement.

Minutes after information appeared online that Twitter has sued him, Musk took to the microblogging site as well as just merely tweeted, “Oh the paradox lol.”

While his tweet did not point out the legal action, it was apparent that he was referring to it, taking into consideration that, back in April, Twitter reportedly did not even intend to complete the offer.

As per The Verge, the claim was filed in Delaware’s Court of Chancery on Tuesday, accusing Musk of hypocrisy.

” Twitter brings this activity to advise Musk from additional violations, to force Musk to fulfill his legal obligations, and to urge consummation of the merging upon complete satisfaction of the few exceptional conditions,” Twitter specified in the legal action.

The suit notes the beginning of what could be a lengthy lawful battle as Twitter looks for to hold Musk to his deal to pay USD 54.20 per share for the company.

Twitter, which is being stood for by M&A giant law practice Wachtell, Lipton, Rosen & Katz, alleged that Musk looked for an escape from the offer, which needed a “worldly damaging effect” or breach of contract.

” Musk needed to attempt to conjure among those,” the legal action specified.

Musk revealed the termination of the USD 44 billion handle a letter sent by his team to Twitter recently. Musk decided to suspend the bargain because of numerous breaches of the acquisition agreement.

In April, Musk got to an acquisition contract with Twitter at USD 54.20 per share in a purchase valued at about USD 44 billion. Nevertheless, Musk put the deal on hold in May to enable his team to evaluate the accuracy of Twitter’s claim that much less than 5% of accounts on the system are bots or spam.

Back in June, Musk had freely charged the microblogging website of breaching the merger agreement and also threatened to walk away and cancel the acquisition of the social media sites company for not supplying the data he has asked for on spam and also fake accounts.

A couple of days back, Musk ridiculed Twitter for launching a lawful fight to compel him to acquire the firm. Musk tweeted four pictures of him giggling, “They claimed I could not buy Twitter. After that they wouldn’t divulge robot information. Currently they want to compel me to purchase Twitter in court. Currently they need to divulge crawler details in court.”

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Resources: NDTV

Last Updated: 13 July 2022