{"id":22974,"date":"2022-07-15T15:31:44","date_gmt":"2022-07-15T15:31:44","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/twitter-sues-elon-musk-over-44-billion-takevover-deal"},"modified":"2022-07-15T15:42:24","modified_gmt":"2022-07-15T15:42:24","slug":"twitter-sues-elon-musk-over-44-billion-takevover-deal","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/twitter-sues-elon-musk-over-44-billion-takevover-deal","title":{"rendered":"Twitter sues Elon Musk over $44 billion takevover deal"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Twitter has taken billionaire Elon Musk to court to try to force him to buy the social media firm, setting up a legal battle with the world’s richest man.<\/p>\n

It comes after Mr Musk announced he was walking away from his proposed $44bn (\u00a337bn) takeover of Twitter on Friday.<\/p>\n

He claimed Twitter had not given information about the number of fake and spam accounts on the platform.<\/p>\n

Now Twitter has asked a Delaware court to order Mr Musk to complete the merger at the agreed $54.20 per Twitter share.<\/p>\n

“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, [Mr] Musk apparently believes that he – unlike every other party subject to Delaware contract law – is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,” said the lawsuit.<\/p>\n

The lawsuit went on to accuse Mr Musk of “a long list” of violations of the merger agreement that “have cast a pall over Twitter and its business”.<\/p>\n

witter chairman Bret Taylor tweeted that the microblogging site wanted “to hold Elon Musk accountable to his contractual obligations”.<\/p>\n

Mr Musk tweeted on Tuesday: “Oh the irony lol [laughing out loud].”<\/p>\n

The lawsuit said Mr Musk had backed out of the deal because it “no longer serves his personal interests”.<\/p>\n

Mr Musk is the chief executive of electric car company Tesla.<\/p>\n

The lawsuit said that after Mr Musk agreed to the deal, the stock market fell, along with Tesla shares.<\/p>\n

“The value of Mr Musk’s stake in Tesla, the anchor of his personal wealth, has declined by more than $100bn from its November 2021 peak. So [Mr] Musk wants out,” it said.<\/p>\n

“Rather than bear the cost of the market downturn, as the merger agreement requires, [Mr] Musk wants to shift it to Twitter’s stockholders,” it added.<\/p>\n

Twitter’s share price has fallen more than 8 per cent in the past month, and in May tumbled from highs of more than $50 per share, as Mr Musk questioned the number of fake and spam accounts on Twitter and said the deal was “temporarily on hold”.<\/p>\n

On Friday, Mr Musk said he was pulling out of the deal, claiming a lack of information about spam accounts and inaccurate representations amounted to a “material adverse event”.<\/p>\n

He also said Twitter sacking executives meant it was not living up to its obligations.<\/p>\n

In response, Twitter said it planned to pursue legal action to enforce the agreement, saying it was “committed to closing the transaction on the price and terms agreed upon with Mr Musk”.<\/p>\n

The original merger agreement includes a $1bn (\u00a3830m) break-up fee.<\/p>\n

Elon Musk is a man who is being dragged, reluctantly, up the aisle.<\/p>\n

The lawsuit uses the word “consummation” 55 times.<\/p>\n

Mr Musk says he no longer wants to buy the company. But in contract law, that’s easier said than done.<\/p>\n

In reality he has already entered into a legally binding agreement with Twitter which may be difficult to unpick.<\/p>\n

And this lawsuit confirms that Twitter is hellbent on forcing the marriage to go ahead.<\/p>\n

The price Mr Musk agreed to pay for the company is considerably more than its current valuation.<\/p>\n

It’s now down to Mr Musk to prove that Twitter is in breach of contract – a tough ask.<\/p>\n

The world’s richest person is now faced with the bizarre prospect of having to buy a company he doesn’t want to acquire.<\/p>\n

There are other possible outcomes here too. Mr Musk could of course win, which would be a devastating blow for the social media firm.<\/p>\n

But this could also be the first move in a game of chess, an analogy that Elon Musk seemingly referenced in a tweet last week.<\/p>\n

Twitter could be pushing for a settlement, a lump sum for them to agree to walk away.<\/p>\n

Mr Musk could also be looking for a revised, better price for Twitter.<\/p>\n

But whatever happens Elon Musk, by getting a little too close to Twitter, has tied himself in legal knots.<\/p>\n

Mr Musk, a self-described “free speech absolutist”, had pledged to loosen Twitter’s content moderation rules once the company was under his ownership.<\/p>\n

He has been a vocal critic of Twitter banning some accounts, such as that of former US President Donald Trump.<\/p>\n

Mr Musk has also called for more transparency over how the platform presents tweets to users – a system that currently allows some to be promoted and given wider audiences.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Twitter has taken billionaire Elon Musk to court to try to force him to buy the social media firm, setting up a legal battle with the world’s richest man. It comes after Mr Musk announced he was walking away from his proposed $44bn (\u00a337bn) takeover of Twitter on Friday. He claimed Twitter […]<\/p>\n","protected":false},"author":84,"featured_media":22973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,9,16],"tags":[233,281,283],"class_list":["post-22974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-miscellaneous","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nTwitter sues Elon Musk over $44 billion takevover deal - Mozambique<\/title>\n<meta name=\"description\" content=\"Twitter has taken billionaire Elon Musk to court to try to force him to buy the social media firm, setting up a legal ba ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/twitter-sues-elon-musk-over-44-billion-takevover-deal\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Twitter sues Elon Musk over $44 billion takevover deal\" \/>\n<meta property=\"og:description\" content=\"Twitter has taken billionaire Elon Musk to court to try to force him to buy the social media firm, setting up a legal ba ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/twitter-sues-elon-musk-over-44-billion-takevover-deal\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-15T15:31:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-15T15:42:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/07\/postQueueImg_6-62d18acb98e60.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"976\" \/>\n\t<meta property=\"og:image:height\" content=\"549\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/twitter-sues-elon-musk-over-44-billion-takevover-deal#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/twitter-sues-elon-musk-over-44-billion-takevover-deal\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Twitter sues Elon Musk over $44 billion takevover deal\",\"datePublished\":\"2022-07-15T15:31:44+00:00\",\"dateModified\":\"2022-07-15T15:42:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/twitter-sues-elon-musk-over-44-billion-takevover-deal\"},\"wordCount\":772,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/twitter-sues-elon-musk-over-44-billion-takevover-deal#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/07\/postQueueImg_6-62d18acb98e60.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"homepage-english\",\"miscellaneous\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/twitter-sues-elon-musk-over-44-billion-takevover-deal#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/twitter-sues-elon-musk-over-44-billion-takevover-deal\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/twitter-sues-elon-musk-over-44-billion-takevover-deal\",\"name\":\"Twitter sues Elon Musk over $44 billion takevover deal - 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