'Oh The Irony Lol': Elon Musk's Reaction After Twitter Sues Him

Washington: Tesla CEO Elon Musk did not waste any time in reacting to a lawsuit filed against him by Twitter for breaking the terms of the $44 billion contract to purchase the social media platform.

Just minutes after news of Twitter suing him surfaced online, Musk took to the micro-blogging site and simply tweeted,"Oh the irony lol."

Although nothing has been mentioned in his cryptic tweet, it certainly seems like Musk is clearly referring to the ongoing controversy that he has been embroiled in with Twitter and the lawsuit that followed.

It is interesting to note that Twitter reportedly were not even terribly keen to go through with the deal back in April.

According to reports, the lawsuit was filed in Delaware's Court of Chancery on July 12 and it accused Musk of outright hypocrisy.

"Twitter brings this action to enjoin Musk from further breaches, to compel Musk to fulfil his legal obligations, and to compel consummation of the merger upon satisfaction of the few outstanding condition," Twitter wrote in the lawsuit.

The lawsuit marks the beginning of what could be a lengthy legal battle as Twitter seeks to hold Musk to his deal to pay USD 54.20 per share for the company.

Twitter, which is being repped by M&A powerhouse law firm Wachtell, Lipton, Rosen & Katz, accused Musk of backtracking from the deal by looking for an escape route.

Notably, the deal required a "material adverse effect" or breach of contract. 

"Musk had to try to conjure one of those," the lawsuit stated.

Musk had earlier announced the termination of a USD 44 billion Twitter purchase deal in a letter sent by Musk's team to Twitter last week. He decided to suspend the deal due to multiple breaches of the purchase agreement.

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