Twitter To Take Legal Action After Musk Terminates Deal

Share post:

Twitter’s chairman Bret Taylor tweeted that the company’s board is planning legal action to enforce the merger agreement that allows Elon Musk to take over the company for US$44 billion.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” Taylor wrote.

Musk’s lawyers said in a filing that Twitter had failed to respond to multiple requests for information about fake accounts or spam accounts on the platform, which is fundamental to the company’s business performance.

The billionaire also said he is walking away because of the company’s decision to fire senior executives and a third of its talent-acquisition team, which Musk noted was in violation of Twitter’s obligation to “preserve substantially intact the material components of its current business organizations.”

According to a person familiar with the matter, Twitter hopes the trial will begin in a few weeks and will be decided in a few months.

The sources for this piece include an article in Reuters.

Featured Tech Jobs


Related articles

Apple reduces forecasts for Vision Pro as demand cools in key US market

In an unexpected shift, Apple has drastically reduced its shipment forecasts for the upcoming Vision Pro, indicating a...

FTC says Microsoft’s layoffs at Activision Blizzard may threaten merger approval

The FTC has expressed dissatisfaction with Microsoft's layoffs at Activision Blizzard, challenging the integrity of the Microsoft-Activision deal....

Delaware court voids Musks $56 billion dollar compensation

Tesla's stock experienced a notable downturn following a Delaware court's decision to void CEO Elon Musk's massive $56...

Research Raises Concerns Over AI Impact on Code Quality

Recent findings from GitClear, a developer analytics firm, indicate that the increasing reliance on AI assistance in software...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways