Here are the key takeaways summing up what Twitter Inc.’s lawsuit file Tuesday against Elon Musk over his abandoned $44 billion takeover bid. Twitter v Elon Musk:
1. Twitter said the deal should go forward, and it did not violate its obligations in the agreement. “Twitter brings this action to enjoin Musk from further breaches, to compel Musk to fulfill his legal obligations, and to compel consummation of the merger upon satisfaction of the few outstanding conditions,” the suit said.
2. Musk’s argument that so-called spam bots are the issue isn’t valid as he’s known they exist all along, Twitter said. The company called Musk’s requests for more details on bots “absurd” and “unusual.”
3. Twitter’s CEO and CFO tried to answer Musk’s many requests for details on bots, and Musk skipped meetings and ignored briefings.
4. Musk engaged in a “long list of material contract breaches“ and violated SEC disclosure rules, causing the company to suffer “irreparable harm,” Twitter said. Musk has shown the company “disdain“ and his exit strategy is “a model of hypocrisy” and “a model of bad faith,” the suit said.
5. A source familiar with the suit told Bloomberg that Twitter hopes this will go to trial at the Delaware Chancery Court as early as mid-September.
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