Kevin Helms
An Austrian economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Twitter sues Elon Musk for enforcing $ 44 billion buyout deal – insists on breach of claims for lack of profits – Bitcoin news highlighted
Twitter Inc. has filed a lawsuit against Elon Musk for forcing the Tesla boss to review the $ 44 billion social media platform deal. Twitter claims that Musk has broken the agreement repeatedly since he signed the agreement with the company.
Twitter v. Elon Musk: The trial begins
Twitter Inc. (NYSE: TWTR) has filed a lawsuit against Tesla and Spacex CEO Elon Musk for withdrawing from the agreement to buy the social media platform. The lawsuit, filed in the Delaware Court of Chancery, names Musk and his companies – X Holdings I and X Holdings II – as defendants.
Twitter claims:
Musk refuses to abide by his obligations to Twitter and its shareholders because the agreement he signed no longer serves his personal interests.
The lawsuit explains that after Musk signed the deal with Twitter, the market and the value of his stake in Tesla, and thus his personal fortune, fell by more than $ 100 billion since the peak in November 2021.
The social media giant further claims that “Since the signing of the merger agreement, Musk has repeatedly downplayed Twitter and the agreement, created business risk for Twitter and downward pressure on the share price,” and stressed that the Tesla boss’ “exit strategy is a model for hypocrisy”. “and” a model of bad faith. “
As for Musk’s claims that Twitter is in material breach of the agreement, as Bitcoin.com News previously reported, the social media company insisted that “These claims are pretexts and lack any profit.” Twitter elaborated:
Musk, on the other hand, has acted against this agreement since the market began to turn around, and has repeatedly broken the merger agreement in the process.
Twitter added:
Because of [the] Defendant’s breach and the insecurity they have created, Twitter faces irreparable damage.
The lawsuit states: “Musk and his entities should be subject to further breaches, ordered to comply with their obligations to work to satisfy the few closing conditions, and ordered to terminate upon satisfaction of those conditions.”
The social media giant is seeking relief to the extent permitted under the merger agreement and an order forcing Musk to review the acquisition agreement.
Who do you think will win this lawsuit, Twitter or Elon Musk? Let us know in the comments section below.
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