Twitter To Sue Elon Musk For Trying To Back Out Of The Deal

Twitter in response to Elon Musk after his attempt to renege on his $44 billion purchase agreement with the company.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement,” tweeted Twitter’s chairman, Bret Taylor.

The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.

— Bret Taylor (@btaylor) July 8, 2022

Less than an hour after Musk’s legal team filed a statement with the Securities and Exchange Commission saying he wanted to cancel the agreement.

“We are confident we will prevail in the Delaware Court of Chancery.”

If you’ve been following the ups and downs of this transaction, you won’t be surprised to learn that Twitter intends to fight it.

Elon Musk started laying the groundwork for why he could back out as soon as he announced that he would buy Twitter and take it private, alleging that Twitter wasn’t being transparent about the number of bots on the platform.

Meanwhile, iexclusivenews Nigeria reports that Mr. Musk has received assurances from Twitter that he is in the know and that the merger deal will be upheld.

Developing…