Twitter kept its pledge to make Elon Musk to buy the company by suing SpaceX as well as Tesla CEO in the Delaware judge on the Tuesday.
The board of Twitter has stepped up its game following the legal team of Musk sent Twitter an email stating his plans to withdraw from the deal. Twitter chairman Bret Taylor posted on Twitter that they was “committed” to closing the deal according to the terms that both parties had previously had agreed to, and also emphasized the company’s intention to “pursue legal action to enforce the merger agreement.”
Twitter isn’t shy about its words in its lawsuit, and has a sharp critique of Musk and a comprehensive account of the chaos Musk has created during the long saga of months:
On April 20, 2022 Elon Musk entered into an unconstitutional merger agreement with Twitter in which he promised to utilize the best effort to ensure the merger gets completed. Three months after the deal was signed, Musk refuses to honor his commitments towards Twitter and its shareholders, claiming that the agreement he signed no does any longer serve his personal needs. Musk has staged a public display to bring Twitter on the table and subsequently proposed and the signing of a merger agreement that was seller-friendly, Musk apparently believes that he , unlike any other person subject to Delaware contract law has the right to alter his mind, discredit the company and disrupt its operations cause stockholders to lose value and then leave. The repudiation comes after a long list of significant contractual breaches that have been committed by Musk who have sunk a shadow over Twitter as well as its operations. Twitter is bringing this action to stop Musk from committing further violations as well as to compel Musk to comply with the legal requirements, as well as also to force the completion of the merger subject to the fulfillment of the remaining conditions.
In the suit, Twitter highlights the obvious contradiction between Musk’s first promises to cleanse Twitter of spam, and Musk’s subsequent denial that the platform had an issue with spammers:
Musk’s plan to leave is an example of hypocrisy. One of the primary motives Musk stated the day he announced his decision on March 31, 2022, for seeking to buy Twitter was the need to get rid of “[c]rypto spam” he viewed as an “major blight on the user experience.” Musk claimed he had to make the company off the market due to the fact that, according to him the elimination of spam would not be economically feasible.
In his press release that announced this deal, which was released on the 25th of April in 2022 Musk made a call to arms in order to “defeat the spam bots.” However, as the market fell and the fixed-priced deal was less appealing, Musk shifted his narrative and began demanding “verification” that spam was not a major issue on Twitter’s platform. He also began insisting on the necessity to carry out the “diligence” he had expressly committed to.
The previous week Musk said that Twitter violated the terms of the agreement when it failed to show that the amount of fake accounts operating on the platform is in line with Twitter’s previous estimations. Musk started making lots of public statements regarding the issue in May, when he’d already made an agreement to purchase the real-time social platform in a deal worth $44 billion.
While the billionaire’s erratic behavior is likely to dispute the matter through Twitter memes but it’ll eventually be the responsibility of a judge to decide if Musk’s concerns can be used as a way to escape from the deal, or whether Twitter is able to make its owner to adhere to the terms of.