WILMINGTON, Del., July 12 Reuters Twitter Inc sued Elon Musk on Tuesday for violating his 44 billion deal to buy the social media platform and asked a Delaware court to order the world39;s richest person to complete the merger at the agreed 54.20 per Twitter share.
Musk apparently believes that he unlike every other party subject to Delaware contract law is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away, said the complaint.
The lawsuit sets in motion what promises to be one of the biggest legal showdowns in Wall Street history, involving one of the business world39;s most colorful entrepreneurs in a case that will turn on staid contract language.
On Friday, Musk said he was terminating the deal because Twitter violated the agreement by failing to respond to requests for information regarding fake or spam accounts on the platform, which is fundamental to its business performance.
Musk, who is the chief executive officer of electric vehicle maker Tesla Inc , did not immediately respond to a request for comment.
The lawsuit accused Musk of a long list of violations of the merger agreement that have cast a pall over Twitter and its business. It said for the first time that employee attrition has been on the upswing since the deal was announced.
Twitter also accused Musk of secretly accumulating shares in the company between January and March without properly disclosing his substantial purchases to…