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Akinwande Soji-Ojo
Popular microblogging platform, Twitter, has sued billionaire owner of Tesla Inc, Elon Musk,to compel him to continue with his planned takeover of the social media company for $44 billion.
According to NPR, Twitter filed the lawsuit in Delaware’s Court of Chancery, on Tuesday.
The lawsuit accuses Musk of hypocrisy and bad faith in his dealings with the company.
It puts Twitter and Musk up for a lengthy, expensive, and high-stakes battle in which the former will try to force the hand of the latter.
“Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.
“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,” the plaintiff said.
In a bid to privatise the microblogging platform, the billionaire had offered to buy Twitter for $43 billion in April.
He later agreed to acquire the platform for $44 billion.
However, after several internal turmoils on the buyout, Musk temporarily suspend his acquisition bid, citing fake accounts on the platform.
Last Friday, Musk said he was terminating the $44 billion Twitter deal, adding that the social media company had failed to provide information about fake accounts on the platform.
