News Update

Twitter Sues Musk For Abandoning $44 Billion Buyout

Twitter Inc. has sued Elon Musk over his abandoned $44 billion takeover bid, accusing the billionaire of having buyer’s remorse after his fortune declined. Lawyers of Twitter told a Delaware judge that Musk should be forced to honor his agreement and pay $54.20 a share for the San Francisco-based social-media platform. Musk abandoned the deal on Friday, July 8th citing in part concerns about the number of fake accounts or spam bots among users.


The filing will set up what will be a closely watched court battle between billionaire Musk and social media giant Twitter. The lawsuit hit back at a number of Musk’s claims, saying that it ‘has bent over backwards’ to provide Musk with all the information he has requested.


Read Twitter’s court filing here: “Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, 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,” Twitter said in the lawsuit.