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.
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.