Twitter to Sue Elon Musk For Bailing on Acquisition Deal
The merger agreement was binding and signed.
Just three days ago, Tesla CEO Elon Musk expressed his intention to back out of his agreed acquisition of Twitter, and the social media platform has now announced plans to file a lawsuit against the tech mogul. Announcing the decision to sue over on Twitter, the company’s chairman Bret Taylor wrote: “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement.”
The notice came just under an hour after Musk’s legal team filed to withdraw from the deal with the Securities and Exchange Commission. “We are confident we will prevail in the Delaware Court of Chancery,” Taylor added.
Stay tuned as the story develops.
The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.
— Bret Taylor (@btaylor) July 8, 2022
Elsewhere in the tech world, the ban on JUUL sales has been suspended pending the legal appeal process.
