Here's how Elon Musk reacted when Twitter sued him
Musk turned to Twitter just minutes after learning that Twitter had sued him and simply commented, "Oh the irony haha." While his tweet did not name the lawsuit, it was clear that he was alluding to it, given that Twitter apparently did not want to go through with the purchase back in April.
Tesla CEO Elon Musk was quick to respond to a lawsuit filed by Twitter accusing him of breaking the USD 44 billion contract. Musk turned to Twitter just minutes after learning that Twitter had sued him and simply commented, "Oh the irony haha."
While his tweet did not name the lawsuit, it was clear that he was alluding to it, given that Twitter s did not want to go through with the purchase back in April. According to The Verge, the case was filed on Tuesday in Delaware's Court of Chancery, charging Musk of hypocrisy.
"Twitter takes this action to prevent Musk from additional breaches, to compel Musk to fulfil his legal duties, and to compel the merger to be consummated upon fulfilment of the few outstanding requirements," Twitter wrote in the complaint.
The lawsuit is the start of what could be a long legal struggle as Twitter attempts to hold Musk accountable for his agreement to pay USD 54.20 per share for the firm. Twitter, which is represented by M&A powerhouse legal firm Wachtell, Lipton, Rosen & Katz, said Musk sought an out of the acquisition by claiming a "material adverse effect" or breach of contract.
Musk confirmed the cancellation of the USD 44 billion contract in a letter addressed to Twitter last week by his team. Musk chose to halt the transaction owing to many violations of the acquisition agreement.
The Tesla CEO agreed to buy Twitter for USD 54.20 per share in a transaction valued at around USD 44 billion in April. Musk, though, put the acquisition on hold in May to allow his team to investigate Twitter's assertion that less than 5% of accounts on the network are bots or spam.
Musk openly accused the microblogging website of breaking the merger agreement in June, threatening to walk away and cancel the social media company's acquisition for failing to provide the data he had asked on spam and fraudulent accounts.