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Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed

Twitter sues Musk for pulling out of $44 billion deal

  • By Al-Mayadeen
  • Source: Agencies
  • 13 Jul 2022 17:35
2 Min Read

On July 8, the billionaire waived the buyout worth $ 44 billion. The social network launched yesterday a lawsuit against the boss of Tesla.

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  • Twitter suing Musk over pulling out $44 billion deal
    Twitter suing Musk over pulling out $44 billion deal

Last April, the boss of Tesla announced his intention to buy the social network for an amount of $44 billion. On July 8, Elon Musk decided to retract his decision in an official letter. A judge from a specialized business law court in the state of Delaware will have to determine whether or not the billionaire has the right to terminate the acquisition agreement. This agreement provides for severance payments amounting to one billion dollars.

Twitter accused Elon Musk of acting in bad faith, accusing him of asking for information about the company in order to then accuse them of providing “false statements” about their activities to regulators and investors. The social media network hired two days ago the firm Wachtell, Lipton, Rosen & Katz LLP as their legal representatives, whereas Musk is represented by Quinn Emanuel Urquhart & Sullivan LLP. 

Read more: Twitter vs. Musk: Twitter hires 'heavy hitter' legal representatives

On Twitter's final verified complaint, it is stated that Musk "has purported to put the deal on 'hold' pending satisfaction of imaginary conditions, breached his financing efforts obligations in the process, violated his obligations to treat requests for consent reasonably and to provide information about financing status, violated his non-disparagement obligation, misused confidential information, and otherwise failed to employ required efforts to consummate the acquisition." 

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It also stated that "[Musk] has been acting against this deal since the market started turning, and has breached the merger agreement repeatedly in the process."

Musk responded by posting a meme of himself last Monday on Twitter:  

pic.twitter.com/JcLMee61wj

— Elon Musk (@elonmusk) July 11, 2022

Twitter's complaint alleges that the company "has suffered and will continue to suffer irreparable harm as a result of defendants’ breaches", which "cast a shadow over Twitter and its business." 

After hitting its lowest on Wall Street in four months on Monday, the Twitter stock bounced back on Thursday with (+4.32% to $34.06).

  • Twitter
  • Twitter lawsuit
  • Tesla
  • Elon Musk

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