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The company files suit against Elon Musk to force him to complete acquisition

Twitter sues Elon Musk to force him to complete acquisition



Elon Musk may be on the hook for $1B to get out of Twitter purchaseReplayMore Videos ... (16 Videos)Elon Musk may be on the hook for $1B to get out of Twitter purchaseArt critic Jerry Saltz on DALL-E 2: 'This is pretty crapola illustration'This is how data collected from fertility apps could be used to prosecute abortion See a simulation of AI technology being used to prevent a mass shootingAmazon introduces new warehouse robot, says it's not replacing human workersThis mobile robot can reserve parking spots and then charge your EVInternet Explorer is no more. CNN reported on the 'browser wars' it started in 1996Robots could soon look human, with living skin and hairApple's CEO responds to evolving workplace dynamicsSee the new features coming to iPhonesMeet the researchers revolutionizing micro-scale robots for medical useThis new technology helps drones survive strong windsHow Paris Hilton became 'The Queen of the Metaverse'Google's Street View is 15 years old. See the new camera it's rolling outThis mask makes breathing in virtual reality more realisticSee how Google's new AR technology worksNew York (CNN Business)Twitter has sued billionaire Elon Musk in an effort to force him to follow through with his deal to buy the social media company.

The lawsuit, filed in the Delaware Court of Chancery on Tuesday, comes after Musk said in a letter to Twitter's top lawyer late Friday that he wants to terminate the blockbuster $44 billion acquisition agreement.Musk's lawyer alleged in Friday's letter that Twitter (TWTR) is "in material breach of multiple provisions" of the deal, claiming the company has withheld data Musk requested in order to evaluate the number of bots and spam accounts on the platform. Twitter's legal team hit back in a letter on Monday, calling Musk's attempted termination "invalid and wrongful" and demanding that he follow through with the deal.Musk tells Twitter he wants out of deal to buy it. Twitter says it will force him to close the saleThe deal is now likely headed for a lengthy court battle to determine whether Twitter can force Musk to close the deal and become its owner, or at least get him to pay the $1 billion set out as a breakup fee in the original agreement.After initially saying he wanted to buy Twitter to eradicate bots, Musk has in recent weeks expressed concerns (without any apparent evidence) that there are more bots on the platform than Twitter has publicly reported.Read MoreSome analysts, however, have suggested that Musk simply wants an excuse to get out of a deal that now seems overpriced following the downturn in Twitter shares and the overall tech market. Tesla shares, which Musk is relying on in part to finance the deal, have also declined sharply since he agreed to the acquisition deal.Twitter's stock, which regained around 4% on Tuesday after falling sharply on Monday, is trading nearly $20 below Musk's offer price, suggesting deep skepticism about the deal getting done, at least at its original price.


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