Elon Musk reportedly wants out because Tesla shares fell

• Twitter said Musk was trying to get out of the deal under false pretenses.
• Twitter sued Elon Musk on Tuesday for trying to terminate his takeover bid.
• Elon Musk’s net worth has dropped by $65 billion.

Twitter sued Elon Musk on Tuesday because the billionaire tried to end his plan to take over the company.

Twitter said Musk was trying to get out of the deal under false pretenses and that the real reason he wants to leave is because Tesla stock has gone down since he agreed to buy Twitter for $44 billion in April.

Since April 25, when Twitter agreed to Musk’s offer to buy them out, Tesla shares have dropped almost 30%. This is part of a larger sell-off in tech stocks.

In the lawsuit, which Insider saw, Twitter’s lawyers say that Musk’s personal wealth has gone down a lot because of this.

Insider said on Saturday that since the deal was made, Elon Musk’s net worth has dropped by $65 billion.

“Musk is leaving. Elon Musk doesn’t want to pay for the market drop himself, as the merger agreement requires. Instead, he wants Twitter’s stockholders to pay for it “The lawsuit from Twitter says.

Musk said Friday that he wants to end the deal because Twitter didn’t tell him enough about bot accounts on its platform and didn’t ask for his opinion before firing two high-level executives.

In its lawsuit, Twitter said that it “went out of its way” to give Elon Musk the information he asked for and that its agreement with Musk gave it the right to fire employees without consulting him first.

Twitter said that Elon Musk has “acted against this deal since the market started to turn and has repeatedly broken the merger agreement.”

Insider tried to get in touch with Musk, but he didn’t answer right away.