Tesla CEO, Elon Musk, is being sued for abandonment of a $44 billion takeover bid. Twitter Inc. is asking a judge to make him follow through on the offer. Transport Topics reported that Elon Musk “abandoned the deal on July 8, citing, in part, concerns about the number of fake accounts among users.” Twitter released a letter earlier this week calling the deal termination “invalid and wrongful.”
Twitter claims in its lawsuit that, “having mounted a public spectacle to put Twitter in play, and having proposed and then signed a user-friendly merger agreement, 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 continues to argue that Twitter has “misleading representation” that makes him reluctant to follow through, mainly spam bot accounts. Click here to learn more about why Musk is refusing to move forward.