Twitter has announced it will sue billionaire Elon Musk to force him to buy the company, after the latter announced Friday night that he had told the US stock exchange that he had pulled out of the deal.
Twitter CEO Brett Taylor said in a tweet that the company’s board of directors is committed to completing the deal in accordance with the price and terms agreed with Musk.
He added that the company “will follow the legal procedures for the implementation of the agreement. We are confident that we will win.”
Billionaire Elon Musk canceled a deal to buy Twitter on Friday, accusing the social networking platform of providing “misleading” data on the number of fake accounts, according to a letter he sent to the exchange.
Musk’s cancellation of a $44 billion deal he signed in April opens the door to a legal battle with the San Francisco-based company over a deal-break fee that could be $1 billion or more.
“Mr Musk is exercising his right to terminate the agreement and withdraw from the deal,” his lawyers said in a Twitter letter, a copy of which was sent to the U.S. Securities and Exchange Commission.
Source: AFP+RT.