Twitter’s lawsuit asserts that “Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”
Musk agreed to pay 38% above Twitter’s stock price at the time that he offered the “take it or leave it” deal, the lawsuit says. But soon after, the stock market stumbled and shares of Tesla, where most of Musk’s personal wealth comes from, lost more than $100 billion of their value.Not formally, although he has tweeted. After Twitter filed the lawsuit, Musk, who has more than 100 million followers, tweeted “Oh the irony lol” without explanation.
But it could still end up dragging for weeks or longer, especially if either side tries to stretch it out. “Twitter would probably want to get things done fast. Elon, I don’t know,” Cunningham said.Twitter filed its lawsuit in the Delaware Court of Chancery, which frequently handles business disputes among the many corporations, including Twitter and Tesla, that are incorporated there.
But when the stock market went south, Twitter claims, “Musk shifted his narrative, suddenly demanding ‘verification’ that spam was not a serious problem on Twitter’s platform, and claiming a burning need to conduct ‘diligence’ he had expressly forsworn.
Source: News Formal (newsformal.com)
I’ve heard the Chancery court is historically fast so I doubt it’ll go past a year…. Elon really screwed up this time. What kind of moron goes through a purchase without due diligence if he wasn’t even 100% on board with buying it
Only ones getting rich out of this is the attorneys.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk Shares Meme About Twitter Takeover, on Twitter, as Social Network Prepares to Sue | CoinMarketCapReports suggest Twitter's hired Wachtell, Lipton, Rosen & Katz to handle this upcoming legal battle — and early this week, a lawsuit will be filed with the Delaware Court of Chancery. Why is no one talking about this? Just tag elonmusk , don't be shy
Source: CoinMarketCap - 🏆 290. / 63 Read more »
Twitter sues Elon Musk to force him to complete acquisitionTwitter has sued billionaire Elon Musk in an effort to force him to follow through with his deal to buy the social media company. Probably not the smartest thing to sue anybody worth 220 billion. For anything. Teehee, this is getting fun. 44 billion.... For a measly one million I will never post here again lol.
Source: cnni - 🏆 326. / 59 Read more »
Elon Musk Promises OTA Update To Tesla Auto Cabin Overheat Protection. elonmusk announces OTA update for Tesla automatic cabin overheat protection which will give users manual control over its activation.
Source: MotorTrend - 🏆 230. / 63 Read more »
Twitter sues to force Elon Musk to complete his $44B acquisitionThe chair of Twitter's board tweeted Tuesday that the board has filed a lawsuit in the Delaware Court of Chancery 'to hold Elon Musk accountable to his contractual obligations.' Why do they want to see its ruination? Why? Twitter should just cut their loses. I don’t know why paraga OR the Board Of Directors took him seriously. ElonMusk
Source: ABC7Chicago - 🏆 284. / 63 Read more »
Twitter Sues Elon Musk to Force Him to Complete $44B AcquisitionThe company is accusing the billionaire CEO of “outlandish” and “bad faith” actions that have caused the platform irreparable harm and “wreaked havoc” on its stock price. billboard · 2 min The Twitter vs. Elon Musk saga has a new twist This is funny He didn’t get his billions for nothing he’s a very savvy businessman which is why the deal from April had the $1 billion separation agreement he is backing out so he only has to pay $1 billion according to the contract admittedly signed by both parties it’s like a business prenup
Source: billboard - 🏆 112. / 63 Read more »