Oh the irony LOL: Elon Musk reacts after Twitter sues him for abandoning $44 billion buyout
Tesla CEO Elon Musk has reacted after Twitter sued him for violating his $44 billion deal to purchase the social media platform. “Oh the irony lol,” he tweeted.
Tesla CEO Elon Musk has reacted after Twitter sued him for violating his $44 billion deal to purchase the platform. (File picture)
Tongue firmly in cheek, billionaire Elon Musk has responded after Twitter sued him for violating his $44 billion deal to purchase the social media platform.
“Oh the irony lol,” Musk tweeted without referring to the legal action initiated against him by Twitter.
Oh the irony lol
— Elon Musk (@elonmusk) July 12, 2022
Twitter sued Tesla CEO Elon Musk on Tuesday, attempting to pressure him to finish his $44 billion takeover of the social media firm by accusing him of “outlandish” and “bad faith” actions which have prompted the platform irreparable hurt and “wreaked havoc” on its inventory worth.
READ | Elon Musk pulls the plug on $44 billion Twitter buyout, firm says it can sue him | Story thus far
Back in April, Musk pledged to pay $54.20 a share for Twitter, which agreed to these phrases after reversing its preliminary opposition to the deal. But the 2 sides have been bracing for a authorized combat for the reason that billionaire mentioned Friday that he was backing away from his settlement to purchase the corporate.
Twitter’s lawsuit opens with a sharply-worded accusation: “Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”
“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,” the swimsuit said.
Twitter filed its lawsuit within the Delaware Court of Chancery, which incessantly handles enterprise disputes among the many many firms, together with Twitter, which can be included there.
As a part of the April deal, Musk and Twitter had agreed to pay one another a $1 billion breakup price if both was liable for the deal falling by way of. The firm may have pushed Musk to pay the hefty price however goes farther than that, attempting to pressure him to finish the total $44 billion buy permitted by the corporate’s board.
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