Twitter is looking to take Elon Musk to court after he tried to undo a US$44 billion deal that would see him purchasing the social media platform, Reuters reported.
Citing a filing, Reuters said that Musk is backing out due to “material breach of multiple provisions of a merger agreement.” Twitter chairman Bret Taylor said that the firm is “committed to closing the transaction on the price and terms agreed upon with Mr. Musk.”
The Tesla and SpaceX boss also pointed to Twitter’s firing of high-ranking executives and talent acquisition employees as a breach of agreement, saying that it went against “preserve substantially intact the material components of its current business organization.”
Musk earlier took a 9.2% stake in the microblogging platform, making him one of the firm’s largest shareholders. He refused to join the company’s board, only to reveal a takeover plan that Twitter agreed to. In May, Musk said that the deal was on hold with spam and fake accounts to blame.
Editing by Deepti Sri and Lorenzo Kyle Subido
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