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Twitter sues Elon Musk to force him to complete $44B acquisition

Elon Musk
Posted at 2:32 PM, Jul 12, 2022
and last updated 2022-07-12 17:33:38-04

It's about to be a lengthy battle in the courtroom with Twitter announcing they are suing Elon Musk.

On Tuesday, the social media company filed the lawsuit in Delaware's Court of Chancery, NPR and the New York Times reported.

The lawsuit was filed in response to Musk's lawyers announcing Friday in a letter to the Securities and Exchange Commission that the billionaire wanted to pull out of the deal because the social media company was in “material breach” of their agreement.

Musk said he tried to obtain information about fake accounts on the platform for two months but noted Twitter never provided it.

The $44 billion deal was agreed upon in April, the Washington Post reported.

Now, the Tesla founder wants out of the deal.

On Monday, Twitter Chairman Bret Taylor said the company was committed to closing the deal with Musk at the amount and terms the parties agreed upon.

Taylor added that the board is confident they will prevail once it takes Musk to court.