Elon Musk Sued By Twitter Over $44Bn Takeover Deal
The CEO of Tesla, Elon Musk, is facing legal actions from the popular social media platform, Twitter, over allegations that he tried to purchase the company without the consent of its shareholders.
The lawsuit, which was filed in the Delaware Court of Chancery, claims that Musk made a $44 billion offer to buy Twitter, which the company rejected. The offer was allegedly made through a series of direct messages sent by Musk to the platform’s CEO, Jack Dorsey.
According to the lawsuit, the messages sent by Musk included a proposal to merge Twitter with Tesla and to make Dorsey the new CEO of both companies. The suit states that Musk’s offer was made without the approval or authorization of Twitter’s board of directors or its shareholders.
The complaint also argues that Musk’s attempted takeover violated Delaware law, which requires that a company’s board of directors approve any sale or merger. The lawsuit seeks to prevent Musk from making any further attempts to acquire Twitter without shareholder approval.
This is not the first time that Musk’s social media activity has landed him in legal trouble. Last year, the billionaire was sued by the US Securities and Exchange Commission over tweets he made about taking Tesla private, which led to a $40 million settlement.
Twitter has not yet publicly commented on the lawsuit.
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