Twitter announced that they would go to court after businessman Elon Musk gave up on the $44 billion purchase.
Elon Musk, the richest person in the world and owner of electric car company Tesla, said in a statement on Friday that he gave up on buying the social media company for $ 44 billion, citing that Twitter did not comply with the requirements of the agreement.
Twitter’s shares fell 6 percent on that.
Twitter’s shares are 35 percent lower than the level Musk announced in April.
Twitter Chairman Bret Taylor, on the other hand, said in a statement that his company was considering taking legal action.
Taylor stressed that she is confident that they will win the lawsuit.
Musk’s lawyers, on the other hand, said in a statement to the US Securities and Exchange Commission (SEC) that Twitter did not respond or refused to respond to requests for information about fake or spam accounts.
Musk cited his firing of Twitter’s top executives and one-third of the talent responsible for the acquisition, as another reason for opting out of the deal.
Although such cases take a long time, a Twitter official speaking to the Reuters news agency stated that they expect the case to begin in a few weeks and to end in a few months.