Fun

Twitter Sues Elon Musk to Enforce $44 Billion Buyout Deal — Insists Breach Allegations Lack Merit

News Feed - 2022-07-13 08:07:01

Twitter Sues Elon Musk to Enforce $44 Billion Buyout Deal — Insists Breach Allegations Lack Merit


Twitter Inc. has filed a lawsuit against Elon Musk to force the Tesla CEO to go through with the agreement to buy the social medial platform for $44 billion. Twitter alleges that Musk has breached the agreement repeatedly since he signed the deal with the company. Twitter v. Elon Musk: Lawsuit Battle Begins


Twitter Inc. (NYSE: TWTR) has filed a lawsuit against Tesla and Spacex CEO Elon Musk for backing out of the deal to buy the social media platform. The lawsuit, filed in the Delaware Court of Chancery, names Musk and his companies — X Holdings I and X Holdings II — as defendants.


Twitter alleges: Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.


The lawsuit explains that after Musk signed the agreement with Twitter, the market fell and the value of his stake in Tesla, and therefore his personal wealth, dropped by more than $100 billion since its November 2021 peak.


The social media giant further claims that “Since signing the merger agreement, Musk has repeatedly disparaged Twitter and the deal, creating business risk for Twitter and downward pressure on its share price,” stressing that the Tesla CEO’s “exit strategy is a model of hypocrisy” and “a model of bad faith.”


Regarding Musk’s claims that Twitter is in material breach of the agreement, as Bitcoin.com News previously reported, the social media company insisted that “These claims are pretexts and lack any merit.” Twitter elaborated: Musk, by contrast, has been acting against this deal since the market started turning, and has breached the merger agreement repeatedly in the process.


Twitter added: Because of [the] defendants’ breaches and the uncertainty they have generated, Twitter faces irreparable harm.


The lawsuit states: “Musk and his entities should be enjoined from further breaches, ordered to comply with their obligations to work toward satisfying the few closing conditions, and ordered to close upon satisfaction of those conditions.”


The social media giant is seeking relief to the extent permitted under the merger agreement and an order forcing Musk to go through with the buyout deal. Tags in this story Elon Musk, elon musk breach contract, Elon musk lawsuit, elon musk spam bots, Twitter, twitter breach contract, twitter lawsuit elon musk, Twitter sues Elon Musk


Who do you think will win this lawsuit, Twitter or Elon Musk? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Insurance Company Sued for Refusing to Cover $7.5 Million Bitcoin Ransom Payment FEATURED | 18 hours ago China Frozen Bank Account Controversy: Affected Clients Injured During Protests, Nearly $6 Billion Missing FEATURED | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBlockchain Gaming Publisher Animoca Brands Secures $75M — Firm’s Pre-Money Valuation Rises to $5.9B Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Harvard built hacker-proof quantum network in Boston using existing fiber cable
Tristan Greene4 hours agoHarvard built hacker-proof quantum network in Boston using existing fiber cableAccording to the scientists, the 22-mile distance between nodes is the longest quantum fiber network to date.652 Tot
Prashant Jha12 hours agoSam Bankman-Fried lawyers pitch for changes to judge’s jury instructionBankman-Fried’s attorneys have made several requests in the past few months, ranging from early bail to vegan food and pr
DeFi Project Xfinance(XFI) ILO Presale Scheduled for Sept 10th
DeFi Project Xfinance(XFI) ILO Presale Scheduled for Sept 10thDeFi project – Xfinance announced they will cooperate with LID Protocol and launch XFI ILO presale on the LID presale
How to store crypto assets in a self-custodial wallet
RK Subramanian13 hours agoHow to store crypto assets in a self-custodial walletDiscover the working pros, cons and step-by-step setup to gain control of your crypto assets via self-custodial wallets.906 Total views14 Tot
Bitcoin mining difficulty reaches new historical high as halving looms
Tristan Greene5 hours agoBitcoin mining difficulty reaches new historical high as halving loomsAmid new all-time highs in price and block rewards, the Bitcoin bull run of 2023–2024 continues.5068 Total views9 Total sha
US Senate overturns SEC’s anti-crypto resolution, but will Biden veto? Law Decoded
David Attlee4 hours agoUS Senate overturns SEC’s anti-crypto resolution, but will Biden veto? Law DecodedThe U.S. president remains the last barrier to recalling the problematic anti-crypto resolution by the SEC.12863
3 ways traders can avoid trading tokens with manipulated volumes
Marcel Pechman3 hours ago3 ways traders can avoid trading tokens with manipulated volumesManipulated trading volumes are rampant on some crypto exchanges. Here are three ways to use data to avoid being washed out.593 Tot
Brayden Lindrea54 minutes agoNFT market slump shows it’s maturing toward ‘genuine utility,’ execs argueDecentraland Foundation executive director Yemel Jardis believes as people become more educated about NFTs, the
Adobe Jumps Into Non-Fungible Token Ecosystem With ‘Prepare as NFT’ Photoshop Tool
Adobe Jumps Into Non-Fungible Token Ecosystem With "Prepare as NFT" Photoshop Tool Adobe Inc., the American multinational computer software company that’s well known for its
Forex Shortages Blamed After Nigerian Currency Hits New Low Versus the US Dollar
Forex Shortages Blamed After Nigerian Currency Hits New Low Versus the US Dollar A surge in the demand for foreign exchange and the general scarcity of the resource may be the reas
Bitcoin at ‘pivotal juncture,’ $60K not out of the picture — Analyst
Ciaran Lyons7 hours agoBitcoin at ‘pivotal juncture,’ $60K not out of the picture — AnalystCrypto analysts say a daily close above $65,000 would confirm “bullish momentum,” but a possible reversal still can’t
Marcel Pechman3 hours agoWhy is Stellar (XLM) price up this week?Stellar’s pre-announcements may have caused traders to create multiple scenarios for potential XLM developments, but their impact on the XLM price could