Twitter Inc sued Elon Musk on Tuesday for violating the $44 billion deal to buy the social media platform and asked a Delaware court to order the world’s richest person to complete the merger at the agreed $54.20 per Twitter share, according to a court filing.
“Musk apparently believes that he – unlike every other party subject to Delaware contract law – is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,” said the lawsuit.
The lawsuit accused Musk of “a long list” of violations of the merger agreement that “have cast a pall over Twitter and its business.” It said for the first time that employee attrition has been “on the upswing” since the deal was announced.
Twitter also accused Musk of “secretly” accumulating shares in the company between January and March without properly disclosing his substantial purchases to regulators, and said he “instead kept amassing Twitter stock with the market none the wiser.”
In a separate filing, Twitter asked the court to schedule a four-day trial in mid-September. In a memo to Twitter staff on Tuesday, Twitter Chief Executive Parag Agrawal sought to reassure employees about the future. “We will prove our position in court and we believe we will prevail,” he wrote in the note.
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Minutes after news surfaced online that Twitter has sued him, Musk took to the microblogging site and just simply tweeted, “Oh the irony lol.”
While his tweet did not mention the lawsuit, it was apparent that he was referring to it, considering that, back in April, Twitter reportedly did not even want to go through with the deal.
Musk and Twitter have been bracing for a legal fight since the billionaire said Friday he was backing off of his April agreement to buy the company.
The chair of Twitter’s board, Bret Taylor, tweeted Tuesday that the board has filed a lawsuit in the Delaware Court of Chancery “to hold Elon Musk accountable to his contractual obligations.”
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