Twitter Sues Elon Musk For Not Holding Up His End Of The Deal

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After all that back and forth between the social media giant [Twitter] and one of the most richest men in America [Elon Musk]! The company filed a lawsuit on Tuesday after Musk terminated their deal, alleging in a letter that Twitter “breached” the merger agreement. On Monday, Musk informed Twitter he is terminating his deal to acquire the company, citing material breach.

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The Securities Exchange has since asked Musk about the tumorous tweet he wrote regarding the $44 billion dollar deal, according to a Regulatory filing.

Twitter sued Musk in Delaware Chancery Court on Tuesday to seek to hold him to the original agreement. Twitter also has a strong legal argument that Musk locked himself into buying the company for $54.20 a share. Allowing him to walk away after only paying the breakup fee would probably push Twitter’s shares even lower. They’ve already been trading at a significant discount as investors question if and when a deal will happen. On Friday, the stock closed at $36.81.

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