Elon Musk recently announced that he has decided not to buy Twitter and it backing out of the deal, the Tesla Billioanre previously wanted to buy the social media company for $44 billion.
Now Musk has decided that he wants to pull out of the deal, he had previously offered to pay $54.20 per share for the company.
Back in May Elon Musk put the deal on hold as he wanted to find out more details about spam accounts on the platform, This is apparently the reason that he is pulling out of the purchase of Twitter.
Now Twitter has revealed that they intend to sue the Tesla CEO because he has decided not to buy the company, the news was announced by the company’s Chairman on Twitter. You can see the tweet below.
The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.
— Bret Taylor (@btaylor) July 8, 2022
It will be interesting to see what happens, obviously, it will be up to a court to decide whether or not Elon Musk has breached his deal to buy the social network. If a court does find that Elon Musk has breached the deal then it could end up costing him a lot of money. We suspect this could end up in court for some time.