'A model of hypocrisy': Twitter sues Elon Musk for violating $44 billion deal
Elon Musk
Twitter sued Tesla and SpaceX chief Elon Musk on Tuesday (July 12) for breaching the $44 billion contract he had signed to buy the tech firm. As per the court documents, the social media giant called Musk's exit strategy "a model of hypocrisy".
As per the court filing, Twitter has asked a Delaware court to order Musk to complete the merger at the agreed $54.20 per Twitter share.
The lawsuit said: "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 lawsuit contended: "Musk's conduct simply confirms that he wants to escape the binding contract he freely signed, and to damage Twitter in the process. Twitter has suffered and will continue to suffer irreparable harm as a result of defendants’ breaches."
Twitter argued that no financial damages could repair the damage he has caused.
A day before, Twitter attorneys in a letter told Musk's lawyers that the micro-blogging site has breached none of its obligations under the agreement.
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It added, "Twitter demands that Mr. Musk and the other Musk Parties comply with their obligations under the Agreement, including their obligations to use their respective reasonable best efforts to consummate and make effective the transactions contemplated by the Agreement."
Last week, Musk sent a letter to Twitter saying he was pulling out of the controversial deal he made in April to buy the platform for $54.20 per share, or $44 billion in total.
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