Twitter sues Elon Musk for trying to back out of $44 billion deal

13.07.2022

Twitter (TWTR) followed through on its promise to take Elon Musk to court and potentially force Tesla’s CEO to acquire the social media company, despite Musk saying he is derailing the deal.

On July 12, Twitter filed a lawsuit in the Delaware Court of Chancery — the nation’s premier business dispute forum — asking one of its chancellors to force Musk to buy the company, as he promised in his April 25 merger agreement. Under the terms of the agreement, Musk agreed to purchase the company’s outstanding common stock for $54.20 per share, or approximately $44 billion. As of Tuesday, Twitter shares were trading at $34 a share.