It looks like it's making good on its promise, just like Musk wouldn't.
The lawsuit was filed against Musk on Tuesday after he backed out of his agreement to take over the company. The case was filed in the Delaware Court of Chancery.
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In the lawsuit, which is related to Musk's takeover of the company, the billionaire is accused of having behaved in a way that was detrimental to the company.
The lawsuit states that Musk refused to honor his obligations to the company and its stockholders because the deal he signed no longer served his interests. Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller friendly merger agreement, Musk apparently believes that he is free to change his mind, trash the company, disrupt its operations, destroy stockholder.
Immediately after signing the agreement, Musk looked for a way out. He claims the company misrepresented the number of fake accounts it had on him in order to cause the breach.
Musk's excuse to shreds is called a model of hypocrisy by the lawsuit.
"One of the main reasons Musk wanted to buy the company was to rid it of the 'rypto spam' he viewed as a major blemish on the user experience." According to the lawsuit, Musk said he needed to take the company private because he didn't think it would be profitable to purge email. The deal was announced in a press release by Musk.
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The lawsuit includes a message from Musk days before the deal was signed in which he said his goal was to "defeat the spam bots or die trying."
Musk is backing out because the market declined and thus the "fixed-price deal" for Twitter became less attractive. Musk's public attacks on the company were seen as a model of bad faith.
Musk's violation of the non-disclosure agreement was mentioned in the lawsuit. The poop is entered into the case here.
In order to defend Musk's claims, the CEO of the company wrote a statement on the platform. The lawsuit entered Musk's "disparaging" reply to his followers as proof.
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The lawsuit includes a number of Musk's other statements. He publicly stated that he was ending the deal and included a meme. The meme states that his data requests were never intended to make progress toward consummating the merger, but were part of a plan to force litigation in which Twitter's information would be public disclosed. It's pretty much what Musk said in his meme.
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There is a lot of clarity in the lawsuit. Specific performance is a legal term for when a court orders a party to do something. The court should force Musk to complete his acquisition of the company if they want to make him abide by the terms of his agreement.
Legal experts say that the details don't seem to favor Musk. The Delaware Chancery Court has rarely sided with the party trying to back out. There is a pretty solid case for it. This is an extremely high-profile case and there have been strange occurrences.
Musk responded to the lawsuit with a post on his verified account.
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Musk posted that it was ironic.
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