Twitter sues Elon Musk over $44bn purchase deal
Twitter has taken billionaire Elon Musk to court to try to force him to buy the social media firm.
It comes after Mr Musk announced he was walking away from his proposed $44bn acquisition of Twitter on Friday.
He claimed Twitter had not given information about the number of fake and spam accounts on the platform.
Now Twitter has asked a Delaware court to order the world’s richest person to complete the merger at the agreed $54.20 per Twitter share.
On Friday, Musk’s attorney told Twitter’s board of directors that the billionaire wanted to call off the acquisition. He claimed that Twitter had misrepresented user data, with the number of spam bots on the platform being much higher than the company disclosed.
Twitter responded by saying it gave Musk the information he needed to judge his claim that spam accounts only make up 5% of monetizable daily active users. The company has claimed that its estimates were correct.
Meanwhile, Twitter chairman Bret Taylor said the company would take legal action to complete the transaction “at the prices and terms agreed by Mr. Musk.” According to Bloomberg sources, the company has fired merger-law heavyweights Wachtell, Lipton, Rosen & Katz and intends to file lawsuits earlier this week.
