The social media company has sued billionaire Elon Musk in an effort to force him to follow through with his deal to acquire it.
Musk sent an email to Twitter’s top lawyer late Friday stating that he wants to terminate the $44 billion acquisition agreement. The lawsuit was filed in the Delaware Court of Chancery on Tuesday.
According to Musk’s lawyer, Twitter is “in material breach of multiple provisions” of the deal, including withholding data Musk requested to evaluate the number of bots and spam accounts on the platform.
A Twitter legal team responded to Musk’s attempted termination on Monday, calling it “unlawful and illegal,” and demanding that he follow through with his agreement.
Twitter’s lawyers claim they are seeking to prevent Musk from breaching the agreement and to “compel the merger upon satisfactory fulfillment of the few outstanding conditions.”
According to the complaint, Elon Musk entered into a binding merger agreement with Twitter in April 2022, promising to use his best efforts to close the deal. “Musk is now refusing to honor his obligations to Twitter and its stockholders because the deal he signed doesn’t suit his interests.”