Twitter filed suit against Elon Musk in the Delaware Court of Chancery on Tuesday after the billionaire said he was terminating his USD 44 billion deal to buy the company, writes CNBC.
Twitter said Musk, after entering a binding merger agreement, now “refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests”.
Twitter’s suit was expected after Musk said late last week that he no longer plans to buy the social network, citing Twitter bots and claiming that the company didn’t give him the information he needed to evaluate the deal.
The lawsuit filed on Tuesday marks the beginning of what could be a protracted legal battle as Twitter seeks to hold Musk to his deal to pay USD 54.20 per share for the company, and as Musk seeks to be let out of the agreement.