The battle between Elon Musk and Twitter appears to continue, particularly following Twitter's announcement of its intention to file a lawsuit against Musk to compel him to complete the purchase of the platform for $44 billion. The most pressing question in this case is whether Twitter can force the billionaire, known for his disregard for norms, to buy the company he does not want to own if it wins the court judgment. There are a few examples of similar incidents where buyers have been compelled to complete purchases under contract terms. For instance, a judge in Delaware ordered "Apollo Global Management Inc." in 2008 to make every effort to close its $6.5 billion deal to acquire "Huntsman Corporation," a chemical manufacturer. The two parties later agreed that Apollo would pay hefty fees instead.
Twitter's CEO announced on Friday that the company will take legal action to compel billionaire Elon Musk to complete the purchase deal after the Tesla founder canceled the $44 billion transaction. Brett Taylor tweeted that "Twitter's board is committed to completing the deal at the agreed price and terms with Musk." Musk canceled the deal on Friday, accusing the social media platform of providing misleading data and failing to provide information about the number of fake accounts, which is essential for the company’s performance, according to a letter he sent to regulators.
Musk's cancellation of the $44 billion deal opens the door for a legal battle with the company over termination fees that could exceed $1 billion. According to AFP, Musk's lawyers stated in a letter to Twitter, a copy of which was sent to the U.S. Securities and Exchange Commission, that "Mr. Musk is exercising his right to terminate the agreement and abandon the deal."
