The lawsuit (PDF), which contains some fairly emotive and powerful language, alleges that “Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests,” while also claiming “contractual breaches by Musk that have cast a pall over Twitter and its business.” Musk is further accused of “trashing” Twitter, “disrupting its operations,” and “destroying stockholder value” before walking away.
Legal documents also outline Twitter’s version of the failed deal’s timeline. Musk is said to have made an offer 38% higher than Twitter’s unaffected share price for ownership of the company, personally committing $33.5 billion to the $44 billion deal. The documents go on to note a $100 billion decrease in Tesla’s share price between November 2021 and now. As the electric vehicle manufacturer is the “anchor” of Musk’s fortune, Twitter’s legal team has suggested that the billionaire pulled the deal rather than “bear the cost of the market downturn.” According to Fortune, Musk lost an estimated $49 billion between making the offer to buy Twitter and late May but remains the world’s richest man with a net worth of over $200 billion.
The lawsuit suggests that the takeover scheme was “a model of bad faith” and described Musk’s demands for bot data as “material misrepresentations about [Twitter’s] business to regulators and investors.” Furthermore, Twitter’s legal representatives slam Musk’s insistence that the deal is dependent on his “fishing expedition” and ability to secure financing as an outright lie.
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