Twitter has sued billionaire Elon Musk n the Delaware Court of Chancery on Tuesday in an effort to force him to follow with his deal to buy the social media company. Twitter said „the company has withheld data Musk requested in order to evaluate the number of bots and spam accounts on the platform.” Twitter’s lawyers say they are seeking to prevent Musk from further breaches of the agreement, and to “compel consummation of the merger upon satisfaction of the few outstanding conditions.”The company argumented that Musk’s attempts to exit the deal and his “disparagement of Twitter and its personnel … expose Twitter to adverse effects on its business operations, employees and stock price.” Shortly after news of the suit was filed, Musk tweeted,”Oh the irony lol.”
After initially saying he wanted to buy Twitter to eradicate bots, Musk has in recent weeks expressed concerns that there are more bots on the platform than Twitter has publicly reported. n conjunction with the complaint, Twitter filed a motion to expedite proceedings in the case, requesting a four-day trial on the dispute to be completed in September. Twitter’s (NYSE:TWTR) stock has suffered another round of selloff after Musk filed a 13D to terminate the $44 billion deal on Friday 7/8. Shares are 35% below the original purchase price of $54.2. Historically, Twitter has not been a very profitable company. Twitter’s lawsuit against Musk will easily take several years to settle.