Twitter filed a much-anticipated lawsuit yesterday as it looks to force Elon Musk to close his $44 billion acquisition of the company. Twitter argues that it has every right to do so under a specific performance provision in the deal contract.
The company, with the help of lawyers at Wachtell (which has also worked for Musk), set fire to Musk’s efforts to drop the bid, which it argued were more about the drop in Tesla’s shares and its effect on Musk’s wealth than anything else.“Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests,” the company said in the suit, adding:
“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.” (Musk has not responded to a request for comment.)
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