Social media platform Twitter has launched a legal battle against the world's richest man.
Twitter has moved court against billionaire Elon Musk's decision to withdraw from a deal to buy the platform for $ 44 billion.
Elon Musk signed a deal to buy Twitter in April this year but later withdrew from the deal, saying twitter failed to provide information about the number of fake accounts.
Twitter has requested a local court in Delaware in the United States to order Elon Musk to complete the deal for $54.20 per share as per the agreed agreement.
"Elon Musk first proposed the deal himself, then signed a contract, but he probably thinks he can change his mind and shake hands after destroying the value of the shareholder," Twitter said in the petition. ‘
The petition accuses Elon Musk of "breach of contract" and said he "withdrew from the deal because it did not serve his personal purposes". ‘
"Since the announcement of the signing of the deal, the stock market has fallen and Tesla's shares have also declined and Elon Musk has personally lost $100 billion," the petition said. That's why they have retreated. ‘
Twitter Chairman Brett Taylor wrote in a statement that he wanted to make Elon Musk "accountable for his fixed responsibilities" under the deal. ‘
It should be noted that according to a clause of this agreement if any party breaks the agreement, it will have to pay one billion dollars in damages.
Controversy over fake accounts
In May this year, Elon Musk said the deal had been "temporarily suspended" for some time as he waited for data on the number of fake and spam accounts on Twitter.
Billionaire businessman Elon Musk had sought evidence to support the company's claim that spam and bot accounts accounted for less than five percent of the platform's total subscriber base.
In a letter to the U.S. Securities and Exchange Commission, Elon Musk's lawyer said Twitter failed to provide the required information or refused to provide all such important information.
According to the letter, the Twitter administration has either ignored requests made by Elon Musk in this regard or on some occasions it has rejected such requests on unsatisfactory grounds. According to the letter from Elon Musk's lawyer, it has also happened that Twitter has claimed to have acted on Elon Musk's request by giving incomplete and unusable information.