Musk Responds to Twitter’s Move to Sue Him for Pulling Off the Deal
- Musk responds to drama staged over Twitter deal termination.
- Twitter sued Elon Musk for abandoning $44 bn buyout.
- Elon Musk called off the take over of the microblogging site on July 9th.
Tesla Chief Elon Musk reacts to Twitter’s move to suing him for violating his $44 bn deal to take over the social media platform.
Soon after reports surfaced that Twitter has sued him, Musk, without any context, tweeted, “Oh the irony lol.”
Responding to Musk’s termination of the deal to buy the microblogging site, the board approached a court in Delaware to order Musk to complete the merger at the agreed $54.20 per Twitter share, according to a filing.
Musk on July 9th had announced to terminate the deal claiming that the microblogging site had breached the by out agreement on multiple accounts. Musk termed insufficient information about the number of spam and fake accounts on its platform as a reason to pull back the deal.
The deal since its inception two months ago has faced huge drama. At the onset, the social media giant was not keen on the Musk takeover. The drama stepped in when the Tesla Chief in May put the deal on hold stating he had few things to clear. The feud landed in a lawsuit after Musk wanted to opt of the deal.
Twitter, in its lawsuit, alleged that Musk wanted an out of the deal, which required a “material adverse effect” or breach of contract.
