Twitter Sues Elon Musk for Backing Out of Purchase
Sued by Twitter for Backing Out of Deal
… You Said $44 Bil, Now Pay Up!!!
7/12/2022 2: 41 PM PT
Twitter’s delivering on its promise to sue Elon Musk for backing out of what they say was his promise to buy the platform — and they want a judge to force him to follow through.
In the lawsuit, Twitter says it’s clear that Elon’s only backing out because the stock market tanked right after he signed the deal in April to purchase for $44 billion. The company says that dip reduced Musk’s wealth by $100 billion, and Twitter’s value also slumped … making his offer even more over the company’s market value.
Translation: His offer suddenly looked ridiculous, and that’s the only reason he wanted out.
According to the suit, Twitter’s not buying his excuse about the platform being riddled with bot accounts … calling that a “model of hypocrisy.” As Twitter puts it … Elon had very publicly said one of the reasons he wanted to buy Twitter was to “defeat the spam bots.”
Bottom line for Twitter … Musk signed on the dotted line, so he should have to pony up. It’s asking the court to force him to close the deal at the agreed upon price of (GULP) … $44 BILLION.
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