law war.Twitter sued Elon Musk to honor its offer

2022-07-13 15:18:17 By : Ms. Nina Cai

Twitter said that Musk, after signing a binding merger agreement, is now "refusing to fulfill his obligations to the company and its shareholders because the agreement he signed no longer serves his personal interests."The Twitter company filed a lawsuit against billionaire Elon Musk in the Delaware courts on Tuesday, after the latter withdrew from his purchase agreement of that social network for 44,000 million dollars, according to the Bloomberg agency.It may interest you: Food.What nobody tells you about the agreement between Georgalos and Mondelez for the acquisition of MantecolTwitter said that Musk, after signing a binding merger agreement, now "refuses to fulfill his obligations to the company and its shareholders because the agreement he signed no longer serves his personal interests."Twitter's lawsuit was expected after Musk said late last week that he no longer plans to buy the social network, and claimed the company failed to provide him with the information he needed to assess the deal.The suit marks the beginning of what could be a protracted legal battle, as Twitter seeks to force Musk to honor his agreement to pay $54.20 per share of the company, while the billionaire seeks to be excluded from the deal. due to problems with the negotiation procedure.Twitter Chairman Bret Taylor said last week in San Francisco that the company planned to take legal action against Musk, and in a letter published Monday, his lawyers called for the deal to be terminated."After putting on a public show to put Twitter on the line, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he, unlike all other parties subject to Delaware, you are free to change your mind, discontinue operations, destroy shareholder value, and walk away," the lawsuit states.Twitter's board is committed to closing the transaction at the price and terms agreed with Musk and plans to take legal action to enforce the merger agreement.In this framework, Twitter shares lost 12% of their value on the first day of trading after Musk announced that he would be leaving.The stock is down 21% since the start of the year, trading at $34.04 at Tuesday's close.Musk's deal with Twitter had included a provision that if it fell apart, the party in breach of the deal would pay a $1 billion termination fee, under certain circumstances.It may interest you: The strikes continue.Thousands of drivers will paralyze trains in the United KingdomBut the merger agreement also includes a specific performance provision that allows Twitter to force Musk to consummate the deal.Twitter must show that it did not violate the terms of the purchase agreement and that Musk broke the pact by withdrawing.The company hired merger law heavyweight Wachtell, Lipton, Rosen & Katz to represent it in the fight."This repudiation follows a long list of material contractual breaches by Musk that have tarnished Twitter and its business," the lawsuit states.Twitter informed its staff -in a note- that it asked the court to hear the case expeditiously, next September.Elon Muask is the richest businessman in the world.His fortune grew strongly during the last years, while the social situation for the majority in the world deteriorated.He is the founder, CEO and chief engineer of the space company SpaceX;CEO and product architect of Tesla.He is one of the ultra-rich who went into space.In June, the Reuters agency released the content of an email that Musk sent to the executive managers of Tesla.There he used the bad forecasts about the world economy as an excuse to justify the dismissal of hundreds of his employees.The subject of the email was: “pause all hiring worldwide”.Days before, he had sent another email to his workers, clarifying that “Everyone at Tesla is required to spend a minimum of 40 hours in the office per week.If you don't show up, we'll assume you quit."This in relation to remote work that was still carried out in several plants.It is an attempt at hidden dismissals, because it is very likely that many workers, due to the wear and tear caused, will not return.This would prevent you from paying compensation.The excuse of this billionaire (his fortune is estimated at US $ 233.7 billion), his "bad feeling about the economy", is based on the fact that Tesla had to pause deliveries of electric cars due to the closure of cities in China for the Covid and the loss of production at its Shanghai plant.It may interest you: Exploitation.Tesla workers forced to sleep in the Shanghai factory to return to productionEarlier, at an event organized by the Financial Times, Musk praised workers at the Tesla factory in China, saying they were "willing to work long hours, sometimes until 3am and not even leave the factory if it was necessary." necessary".It sounds similar to what Jeff Bezos does with his Amazon plants, where his workers are forced to urinate in bottles so they don't walk long distances to the bathrooms and consequently "waste time."Capitalist brutality, XXI century.Because of these things, young workers in the United States began a unionization process seeking to organize themselves to fight for labor rights.Recently the tycoon tweeted: "The extreme left hates everyone, including themselves!".The far left hates everyone, themselves included!— Elon Musk (@elonmusk) April 29, 2022The national deputy for the PTS in the Front of the Left Unity, Nicolás del Caño, shared it on the social network:We want the social wealth produced by the workers not to be appropriated by parasites like you.Replace this irrational system that destroys the planet and plunges millions into hunger, poverty and wars, while a few accumulate fortunes and live like kings.https://t.co/aVnGLAIJHr– Nicolas del Caño (@NicolasdelCano) April 29, 2022A publication shared by La Izquierda Diario (@leftdiario)If you like what we do, join the CommunityWe set ourselves, and we set you, the goal of reaching 10,000 collaborators who 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