13.8 C
London
Thursday, October 6, 2022

Twitter sues Elon Musk to force $44 billion takeover bid

Must read

More than half of Bitcoin volume on crypto exchanges fake: report

More than 51 percent of the total Bitcoin trading volume on various cryptocurrency exchanges this year is fake. According to data from niche...

From Managing The Harvard Alpha Fund To Starting A $1 Billion Hedge Fund — Divya Nettimi’s Journey

Mentioned in the Forbes listNettimi was also on Forbes' list of '30 Under 30' in finance in 2016, while she was an investment analyst...

Upcoming electric cars in India in 2022 – see the expected price and range here

Upcoming electric cars in India in 2022 - see the expected price and range here

Kevin Spacey’s trial begins nearly five years after Anthony Rapp accused him of sexual abuse

The jurors were sworn in Thursday morning in the civil trial of Kevin Spacey, the Oscar-winning star accused by fellow actor Anthony Rapp of...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Twitter filed a lawsuit to Elon Musk on Tuesday, after Musk decided to pull out of a $44 billion takeover bid. Musk’s termination of his merger agreement with the social media platform late last week – which was: hardly unexpected— targeting what Musk’s lawyers called “false and misleading representations” about the platform’s user data and apparent bot problems.

However, Twitter sued Musk to enforce the deal in a Delaware Chancery Court, which, as: The Washington Post reportsalso works differently than most other courts in the US Twitter has submitted a request to speed up the procedurerequesting that a four-day trial be held in September.

Musk is refusing to honor his obligations to Twitter and its shareholders because the deal he signed no longer serves his personal interests. After putting on a public spectacle to bring Twitter into play, and after proposing and signing a seller-friendly merger agreement, Musk apparently believes he—unlike any other party subject to Delaware’s contract law—is free to change your mind, destroy the company, disrupt its operations, destroy shareholder value and walk away,” the complaint reads. “Twitter is taking this action to prohibit Musk from committing further infringements, to compel Musk to comply with its legal obligations, and to force the completion of the merger when the few outstanding conditions are met.”

Musk’s first reaction, via Twitter: “Oh the irony lol.”

Twitter’s lawsuit is the latest in an ongoing drama between the company and Musk, which apparently started in March, when Musk sent out feelers about joining Twitter’s board or taking the company private. In early April, he bought a 9.4% stake in Twitter, and on April 25, Twitter agreed to acquire it for $44 billion, or $54.20 per share.

Since then, Twitter shares have fallen in value along with most of the market; at Tuesday’s close, Twitter shares were trading at around $34. If Musk were to go through with the acquisition, he could suffer a serious financial blow.

What’s next? It’s hard to say: Twitter could win, essentially pushing the deal through, or Musk could be allowed to walk away. A settlement is also possible, such as a reduction in the purchase price. But according to legal experts, Twitter probably has the upper hand a recent report from The Wall Street Journal† However, the big question is this: If the court rules on Twitter, is there a way to force Musk to actually buy it?


More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

More than half of Bitcoin volume on crypto exchanges fake: report

More than 51 percent of the total Bitcoin trading volume on various cryptocurrency exchanges this year is fake. According to data from niche...

From Managing The Harvard Alpha Fund To Starting A $1 Billion Hedge Fund — Divya Nettimi’s Journey

Mentioned in the Forbes listNettimi was also on Forbes' list of '30 Under 30' in finance in 2016, while she was an investment analyst...

Upcoming electric cars in India in 2022 – see the expected price and range here

Upcoming electric cars in India in 2022 - see the expected price and range here

Kevin Spacey’s trial begins nearly five years after Anthony Rapp accused him of sexual abuse

The jurors were sworn in Thursday morning in the civil trial of Kevin Spacey, the Oscar-winning star accused by fellow actor Anthony Rapp of...

The software is the thing • londonbusinessblog.com

As with the Pixel Watch, we'll be bringing more in-depth thoughts with a full review in the near future. However, now seems like...