Earlier this past week, American communications company Twitter announced that they will be suing Elon Musk for attempting to back out of their previously agreed-upon deal to purchase the company for a total of $44 billion. On April 14, 2022, the multi-billionaire made an official offer to buy out the social media giant for $54.20 per share, equalling the value of the company at approximately $43 billion. Since then, Musk has gone back and forth when considering whether or not he wants to continue with the purchase or back out of it completely: Musk recently confirmed how the platform is still withholding necessary information that he needs in order to make his final decision and will not agree to anything until he has 100% knowledge about the company.
Twitter’s initial complaint read: “In April 2022, Elon Musk entered into a binding merger agreement with Twitter, promising to use his best efforts to get the deal done. Now, less than three months later, Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.” After finding out about this specific lawsuit, the 51-year-old businessman released a simple tweet that stated, “Oh the irony, lol.”
Musk previously informed the corporation that Twitter themselves breached the acquisition agreement by relieving two employees of their individual duties this past week: The agreement states that once the contract is signed the business has no obligation to hire or fire anyone above the vice president or “above a presumptive violation of the ordinary course covenant,” according to the documents, without Elon’s knowledge. As Twitter continues to further this matter within the courtroom, it does seem as if Musk is worried due to his confidence in himself and his entire legal team.