UNITED STATES: Elon Musk, the CEO of Tesla, reacted quickly to a lawsuit Twitter had brought against him for breaking the USD 44 billion contract.
Musk rushed to the microblogging site shortly after learning that Twitter was suing him and merely tweeted, “Oh the irony lol,” in response to the news.
Although he did not specifically reference the lawsuit in his tweet, it was clear that he was alluding to it given that Twitter reportedly did not even want to finalise the agreement back in April.
According to The Verge, the lawsuit charging Musk with hypocrisy was submitted on Tuesday to the Delaware Court of Chancery.
Twitter said in the lawsuit that it brought the case to “enjoin Musk from further breaches, to require Musk to comply with his legal duties, and to require consummation of the merger upon satisfaction of the few remaining requirements.”
As Twitter tries to hold Musk to his agreement to pay USD 54.20 per share for the business, the lawsuit marks the start of what could be a protracted legal struggle.
Twitter said that Musk tried to back out of the agreement, which needed a “substantial adverse effect” or breach of contract, and is being defended by M&A powerhouse Wachtell, Lipton, Rosen & Katz.
According to the lawsuit, “Musk had to try to conjure one of those.”
Musk and his crew posted a statement to Twitter last week in which they announced the cancellation of the USD 44 billion deal. Musk decided to halt the deal due to many breaches of the acquisition agreement.
In an agreement worth roughly USD 44 billion, Musk and Twitter agreed to be acquired in April at USD
54.20 per share. Musk, though, placed the agreement on hold in May so that his team could examine Twitter’s assertion that fewer than 5% of accounts on the platform are spam or bots.
Back in June, Musk publicly charged the microblogging platform with violating the terms of the merger agreement and threatened to walk away and cancel the purchase of the social media firm if it did not give him the information he had asked for regarding spam and phony accounts.
Comments A few days ago, Musk made fun of Twitter for starting a legal dispute to compel him to buy the business. Musk posted four photographs of himself laughing on Twitter.