Twitter has officially sued Elon Musk, forcing him to buy the platform for $44 billion, according to court documents released Tuesday night.
Last week, Tesla’s father officially pulled out of the $44 billion deal last week. The reason given by the billionaire is evaluated because Twitter violated the acquisition agreement by providing false information about the user situation.
Earlier, in May, Elon Musk once decided to interrupt the deal to verify “5% of the spam/fake accounts on the platform”. He has also publicly disparaged Twitter executives, mocked content policies and complained about products that have confused more than 7,000 employees.
According to Twitter, Musk’s argument about the issue of fake accounts is meaningless and just an “excuse”, because he knows that this situation has always existed. Twitter leadership has repeatedly responded to the issue of “virtual” accounts in a number of meetings, but the billionaire still deliberately ignored it.
Twitter harshly called the Tesla CEO’s exit strategy a model of “hypocrisy” and a model of “weak faith”. As a result, Musk is liable to a long list of serious breach of contract.
The social media giant further stated that since signing the merger agreement, Musk has repeatedly disparaged Twitter, creating business risks and putting pressure on the company’s stock price. Immediately after the 62-page lawsuit information appeared, Musk tweeted: “Oh ironic.”
The case is expected to go to arbitration from September 19. According to documents filed with the US Securities and Exchange Commission (SEC) from April 26, Twitter and Musk will have to pay $ 1 billion if either party unilaterally terminates the contract.
Twitter has hired law firm Wachtell, Lipton, Rosen & Katz to prepare for a legal battle with Musk. Meanwhile, the US billionaire also hired Quinn Emanuel Urquhart & Sullivan, the law firm that helped him win the defamation charge in 2019. According to experts, the possibility of Musk losing the lawsuit is very high, but Twitter is partly has lost trust in employees, partners and shareholders.