The company works with a famous law firm who represented Musk and Tesla before.
Delaware Court of Chancery to enforce the $44 billion buyout of the social media company. Elon Musk had proposed the acquisition just three months ago; but backed away from it last Friday,Musk began acquiring Twitter stock starting January this year as a prolific user of the platform. Later in April, when his holdings reached a little over nine percent, Musk made one and final offer at $44 billion to wholly acquire the company to"unlock its true potential".
At that time, Musk was offering the company a 38 percent premium on its stock price, which the board accepted after some deliberations and signed an agreement to this effect with Musk. However, during the period the company was expected to go through the formalities of the takeover, Musk announced that theIn the lawsuit filed on Tuesday, Twitter had accused Musk of hypocrisy and bad faith in breaching his contract,.
The lawsuit also says that the market downturn has also resulted in a decline in the valuation of Tesla stock, Musk's main source of wealth. Musk was making outlandish requests for information publicly to make Twitter look like it was being negligent. explaining why fighting fake/spam accounts was difficult on the platform, to which Musk responded with a poop emoji.According to Ars Technica, Twitter did provide Musk access with a tool that would allow him to verify the fake account numbers.
Twitter then approached the famous law firm, Wachtell, Lipton, Rosen & Katz, who have previously represented Musk and Tesla, to file their lawsuit in the court of Delaware and enforce the buyout. To this, Musk responded with this tweet.
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