Twitter sues Elon Musk over breach of buyout deal

A legal battle begins. On Tuesday July 12, Twitter filed a complaint in a Delaware court against Elon Musk for breach of the social network’s takeover contract for $ 44 billion, asking the US state court to compel the billionaire to finalize the operation in price of $54.20 per share.

In his complaint, Twitter accuses the businessman of having orchestrated a public staging and of believing himself above the laws of contract, after having “proposed and then signed” an amicable takeover agreement. Elon Musk believes he is “free to change his mind, trash the company, disrupt its operations, destroy shareholder value, and leave,” reads the document filed Tuesday by Twitter with the court.

“Firehose”. The boss of Tesla announced Friday to end the $ 44 billion takeover agreement with Twitter, accusing the group of having breached its contractual obligations by providing in particular erroneous or incomplete data on the number of fake accounts. Last month, Twitter granted Elon Musk access to its “firehose”, a repository of raw data on hundreds of millions of daily tweets. Twitter has denied those accusations.

Twitter accuses the billionaire of a “long list” of breaches of their agreement, resulting in “throwing a veil over Twitter and its activities”. The action of the social network tumbled Tuesday to 34.06 dollars, against more than 50 dollars when the offer to buy Elon Musk was accepted at the end of April by the board of directors of Twitter.

(with Reuters)

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