The company filed its lawsuit against the billionaire CEO of Tesla Tuesday in Chancery Court in Delaware, New York Daily News reports.
Twitter has made good on its warning to sue the richest person in the world, Elon Musk for trying to back out of his $44 billion offer to purchase the social media platform.
The company filed its lawsuit against the billionaire CEO of Tesla Tuesday in Chancery Court in Delaware, New York Daily News reports.
Twitter vowed to take action Friday after Musk soured on the offer he proposed in April.
“Now, less than three months later, Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests,” Twitter said in the suit, obtained by the Daily News.
“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.”
Musk filed notice that he intended to buy Twitter at $54.20 per share three months ago, offering above what it was believed to be worth.
But he cooled on the deal in recent weeks, claiming the company doesn’t have as many users as it claimed once bots and fake accounts are figured into the equation.
The world’s richest man responded to Twitter’s board of directors’ warnings with a tweet showing him laughing at the notion that the company, where some opposed his acquisition, is now willing to go to court to make him buy it.