Twitter filed a lawsuit against Elon Musk after he decided to back out of the $44 billion deal to buy Twitter. An expedited trial over Musk's refusal to buy the social media platform will be held in October and last five days.
Twitter said that Musk refuses to fulfill his obligations to the company and its shareholders after entering into a binding agreement because the agreement he signed "no longer serves his personal interests." Thus, Twitter seeks to force the billionaire to complete the proposed $44 billion deal through the courts.
Twitter accepted Musk's offer to buy the company for $44 billion in April, and in early July, the billionaire announced that he intended to abandon the deal, accusing Twitter of violating several contractual obligations. According to his lawyer, the company has not provided Musk with relevant business information he requested.
An expedited trial is necessary to stop the ongoing harm, including financial, that Twitter is experiencing due to the uncertainty around the deal and the covert pressure Musk and his attorneys are exerting on the company.
Twitter filed the lawsuit in the Delaware Court of Chancery, which often handles business disputes between many corporations.