/ 14 July 2022

Twitter takes Musk to court

FILE - In this March 14, 2019, file photo, Tesla CEO Elon Musk speaks before unveiling the Model Y at the company's design studio in Hawthorne, Calif. In the runup to Tesla Inc.’s 2016 acquisition of SolarCity, Elon Musk called the combination a “no brainer,” a one-stop shop for electric cars and the solar panels to recharge them. On Monday, July 12, 2021, the Tesla CEO will have to defend the $2.5 billion deal under oath in a shareholder lawsuit alleging conflicts of interest. (AP Photo/Jae C. Hong, File)
Image source: AP

The social media platform is suing Elon Musk after he announced his intention to walk away from the US$44 billion ($64 billion) takeover deal last week. The world’s richest man claims Twitter violated the agreement by not declaring the number of fake accounts. Twitter disagrees and has asked a Delaware court to order the Tesla boss to complete the merger at the agreed price. Like many tech stocks, Twitter has lost a 3rd of its value since April, and Musk’s latest move has seen it fall even further. Tesla’s share price is also down 40% this year. Musk was planning to finance part of the deal by selling some of Tesla shares, and he’s been accused of walking away because of the changed circumstances. Breakups are never easy… #SquizShortcut

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