Twitter to pursue legal action against Elon Musk’s withdrawal of the acquisition

Considering that Elon Musk withdrawn his USD 44 billion offer to buy Twitter. In order to enforce its merger deal with Musk, the company has now decided to file a lawsuit.

Elon Musk’s team recently filed to the Securities and Exchange Commission (SEC) about several major aspects of the contract being broken, as well as Twitter’s making false and deceptive claims.

Bret Taylor, the chairman of Twitter, responded by tweeting that the business and its board of directors were committed to completing the deal with Elon Musk under the predetermined terms and price. Taylor added that the business intends to file a lawsuit to get the contract enforced.

If Elon Musk fails to complete the acquisition of Twitter, he would be required to pay a breakup fee of USD 1 billion.

This suggests that Musk may be trying to use Twitter’s failure to disclose accurate information on its spam bots as an excuse for his withdrawal from the deal and avoid having to pay the breakup fee.

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