Twitter sues Elon Musk for backing out of $44 billion merger

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Twitter has sued Elon Musk, hoping to force the billionaire to buy the social media platform at the agreed price of $54 per share.

As Bret Taylor, chairman of the board at Twitter, suggested on Monday, Twitter has sued Musk after he called off the $44 billion deal.

"Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, 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," read the lawsuit, spotted by Reuters.

In April, Twitter announced that it has accepted Elon Musk's offer to purchase the company for $44 billion, for $54.20 a share.

In May, Musk announced that he would temporarily halt his purchase of the social media while he sought to confirm how many accounts on the platform were spam accounts.

The Tesla CEO claimed that he would walk away from the deal if fake accounts comprised more than 5% of Twitter's total user base.