Staff Reports
Elon Musk, a billionaire, has been sued by Twitter in an effort to get him to fulfill a $44 billion commitment to buy the platform.
On Tuesday, Twitter filed a lawsuit.
Musk announced his decision to withdraw from the significant Twitter acquisition in a letter on Friday, citing the pervasiveness of fake accounts on the platform.
Despite the company's claim that only 5% of users are phony or bots, Musk asserted in June that as many as 20% or more of the users on the site aren't real.
The platform's attorneys are claiming that Musk violated the contract in the litigation they are bringing against him.
Musk appears to think that he alone, and not any other person subject to Delaware contract law, has the right to change his mind, destroy the business, reduce stockholder value, meddle with its operations, and go, claims the lawsuit.
Since the acquisition agreement was inked, Tesla CEO Elon Musk has regularly criticized Twitter and the transaction, endangering the firm and its stock price.
Elon Musk allegedly pledged to give Twitter $1 billion if he backed out of the agreement.
After he declared he was leaving the agreement, Musk tweeted a meme implying that Twitter would be required to reveal how many bogus accounts were discovered during the trial's discovery phase. The news got around quickly.
In a straightforward tweet on Tuesday, the tycoon seemed to react on the news, saying that it was amusing and entertaining.
The only people who stand to gain from this, according to cybersecurity lawyer Leeza Garber and Fox News anchor Neil Cavuto, are the attorneys, who will be compensated for their billable time. Garber continued by saying it's doubtful the court will require Musk to fulfill his substantial contract.
The preceding is a summary of an article that originally appeared on NATIONAL INSIDERS.
