Elon Musk is facing a lawsuit from Twitter after cancelling his $44billion takeover.
US law firm Wachtell, Lipton, Rosen & Katz has apparently been hired to look into the merger agreement, according to reports.
Twitter’s chairman, Bret Taylor, has spoken out and said he is ‘committed to closing the transaction’.
Watch Donald Trump blast Elon Musk over the latest Twitter development in the clip below…
He 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.”
Representatives of Musk have released a statement, in which it is claimed Twitter ‘made false and misleading representations’.
It was also alleged that data and information requested by the billionaire on ‘the prevalence of fake or spam accounts’ were not provided.
The statement continued: “Sometimes Twitter has ignored Mr Musk’s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr Musk incomplete or unusable information.”
Following Musk’s move, it is believed the platform’s shares have fallen by a whopping 7% in extended trading.
Reportedly, the SpaceX founder’s agreement with Twitter stated that if he did not complete the transaction, he would have to pay up to £1bn. However, it’s believed the board will not accept this.
At the moment, it appears as though Musk is unfazed by the latest development, as he’s posted a meme following the news.
Alongside photos of him laughing, it says: ‘They said I couldn’t buy Twitter, then they wouldn’t disclose bot info, now they want to force me to buy Twitter in court, [and] now they have to disclose bot info in court.”
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