Twitter sues Musk for canceling deal
Twitter has sued the world’s richest man and Tesla CEO Elon Musk for backing out of a $44 billion Twitter acquisition deal. Twitter’s board chairman Brett Taylor tweeted Tuesday that a lawsuit has been filed against Elon Musk in the Delaware Court of Chancery. Last week, Musk officially pulled out of his $44 billion deal to buy the microblogging site.
In April 2022, Elon Musk entered into a binding merger agreement with Twitter, promising to use his best efforts to complete the deal. Now, less than three months later, Musk has refused to honor his obligations to Twitter and its shareholders, because the deal he signed no longer serves his personal interests. On the other hand, Musk tweeted shortly after the news of the lawsuit being filed, ‘Oh the irony, lol.’