Twitter has sued Elon Musk after the billionaire told the company he no longer wanted to buy the social network for $44 billion.
On Tuesday, Twitter started what is sure to be a long and messy court battle with the world’s richest man.
In the 62-page lawsuit filed in Delaware’s Court of Chancery, Twitter accused the Tesla CEO of breaching the agreement and called the 51-year-old’s exit strategy a “model of hypocrisy”.
Musk’s stake in Tesla declined by over $100 billion since its peak in Novemeber 2021 and the lawsuit noted that this is why the billionaire wants out of the deal.
The complaint reads:
“Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,”
Last week, the SpaceX founder informed the social media company in a letter that he was ending their agreement to buy Twitter.