Elon Musk Officially Sued By Twitter After Backing Out Of $44B Acquisition Deal

BYHayley Hynes2.9K Views
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Elon Musk
Since the Tesla CEO signed on the dotted line, Twitter expects him to pay up.

Talk of a lawsuit aimed at Elon Musk from Twitter has been floating around over the past few weeks, but now, it's official – the app has sued the Tesla CEO for $44B after he backed out of what they say was his promise to buy the platform.

As per TMZ, legal documents reveal that Twitter feels "Elon's only backing out because the stock market tanked right after he signed the deal in April to purchase for $44B."

Elon Musk Officially Sued By Twitter After Backing Out Of $44B Acquisition Deal
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According to the company, the dip reduced Musk's personal wealth by $100B and at the same time, Twitter's value also dropped, placing his offer even further over the app's actual market value.

As TMZ puts it, "His offer suddenly looked ridiculous, and that's the only reason he wanted out."

For his part, the father of nine has been using Twitter's spam bot accounts as his excuse, though they've called that "a model of hypocrisy" seeing as Musk made it very clear (very publicly) that "[defeating] the spam bots" is one of the reasons he wanted to buy the platform to begin with.

Earlier this month, the chair of the app's board, Bret Taylor, tweeted, "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."

Since the 51-year-old signed on the dotted line, Twitter wants to ensure that he comes through with his agreed-upon payment of $44B and is now taking legal action to make it happen.


Tap back in with HNHH later for any updates on the Elon Musk vs. Twitter beef.

[Via]


About The Author
Hayley Hynes is the former Weekend Managing Editor of HotNewHipHop, she stepped down after two years in 2024 to pursue other creative opportunities but remains on staff part-time to cover music, gossip, and pop culture news. Currently, she contributes similar content on Blavity and 21Ninety, as well as on her personal blog where she also offers tarot/astrology services. Hayley resides on the western side of Canada, previously spending a year in Vancouver to study Fashion Marketing at Blanche Macdonald Centre and Journalism at Mount Royal University in Calgary before that. She's passionate about helping others heal through storytelling, and shares much more about her life on Instagram @hayleyhynes.
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