DELAWARE (Washington Insider Magazine) – Elon Musk is being sued by Twitter to get him to commit to buying the business for $44 billion.
Musk stated in a report with the Securities and Exchange Commission last week that he was looking to get out of the acquisition deal because Twitter had broken it by withholding information regarding the site’s bot and spam accounts.
Twitter said in its lawsuit, filed on Tuesday, that Musk had broken the terms of the sale deal while also driving down the value of its stock.
Twitter’s stock price has dropped to $34.06 after Musk agreed to purchase the business in April for $54.20 per share, according to NBC NEWS.
San Francisco-based Twitter is suing Musk in Delaware, the state where its company is registered and where many business-related civil lawsuits are frequently heard. Twitter will urge the judge in this action to order Musk to follow through on his plan to buy the firm for the $44 billion the two parties agreed upon.
Twitter claims it held many informational briefings with Musk’s team and covered Twitter’s procedures for estimating its user count as well as its estimates of fake or spam accounts in response to Musk’s claims that it has not disclosed spam account information.
It claimed to have also sent a detailed summary report outlining the method the business used to determine the number of spam accounts among active customers.
Even though it continued to cooperate with Musk in an effort to address the requirements, Twitter claimed that the requests’ scope and the timelines set by the defendants for their fulfillment were unreasonable, damaging to the company, and significantly outside the purview of the proposed merger.
Twitter claims that 5% of its 229 million active monthly users are made up of bot accounts.
Twitter said that in response, Musk and his team developed a series of intrusive and irrational demands, including one that called for quick replies to their access requests.
The many tweets Musk put out throughout the course of the recent months’ legal proceedings are included in the lawsuit by Twitter. The business claimed that the tweets were negative toward it.
A request for comment was not immediately answered by Musk’s Tesla office.
