News

Twitter Sues Elon Musk After Termination of US$44 Billion Acquisition Deal

WASHINGTON, July 13 (Bernama) — Twitter sues Elon Musk on Tuesday in a bid to force him to complete the purchase of the social media firm.

The legal action in a Delaware court came days after the Tesla CEO announced that he was terminating his US$44 billion (US$1=RM4.4) deal to buy the microblogging giant, reported Anadolu Agency.

“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, 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,” Twitter said in its lawsuit.

“Twitter brings this action to enjoin Musk from further breaches, to compel Musk to fulfill his legal obligations, and to compel consummation of the merger upon satisfaction of the few outstanding conditions,” said the lawsuit.

The company asked the court to order Musk to complete the merger at the agreed US$54.20 per Twitter share.

Musk pulled out of the deal late last Friday for multiple reasons, including that Twitter allegedly undercounts the number of spam accounts on its service.

He alleged in his Friday termination letter that Twitter misrepresented user data, claiming the number of spam bots on the social media platform is much higher than the company has disclosed.

Twitter dismissed that claim, stating that the number of bots was well under 5 per cent of its total daily active users.

Sources: BERNAMA

Adib Mohd

Recent Posts

Zoom into Brilliance, HUAWEI Pura 80 Series Arrives in Malaysia with Unmatched Camera Power and Striking Design

HUAWEI Malaysia has officially unveiled its next-generation flagship lineup, the HUAWEI Pura 80 Series, setting a… Read More

2 hours ago

PayNet Joins MIT CSAIL’s FinTechAI Initiative as Sole Malaysian Member, Pioneering Ethical AI in Finance

Payments Network Malaysia Sdn Bhd (PayNet) has been named the sole Malaysian founding member of… Read More

2 hours ago

NakNak’s Bold Bulgogi Series: Big Flavours, Korean Vibes & A Side of Curly Fries

Homegrown quick service restaurant brand NakNak is turning up the flavour this season with the… Read More

19 hours ago

Eco-Shop Ushers in Merdeka Spirit with Nationwide “Satu Senyuman, Seribu Makna” Campaign

Eco-Shop, Malaysia’s Leading Ultra Affordable Household Retailer, is calling on Malaysians to rediscover the beauty… Read More

21 hours ago

Stephen Curry Takes Curry Camp Global, First Stop, Asia!

Stephen Curry is going global. For the first time ever, his iconic Curry Camp is… Read More

21 hours ago

Charge Fast, Stay Cool, Live Free CUKTECH Celebrates Merdeka with Pocket-Sized Power Tools

Say hello to hassle-free charging, cool commutes, and gadgets that just work, anytime, anywhere. The… Read More

22 hours ago

This website uses cookies.