Elon Musk files counter-suit as the legal fight over Twitter deal rages

Elon Musk files counter-suit as the legal fight over Twitter deal rages

Elon Musk has filed claims against Twitter in a fight against the suit filed by the tech firm which demands he be held to his $44 billion buyout agreement.

Musk’s countersuit was filed with a legal argument against Twitter’s assertion that Musk is legally bound to conclude the deal signed the month of April to acquire Twitter in April, the Chancery Court in the state of Delaware announced in a letter on Friday.

The 164-page document was filed as “confidential” which means the documents could not be accessed to the public, as the notice stated.

The rules of the court however do oblige Musk to provide an open version of the document with trade secrets and other information that is sensitive.

Judges have ordered 5-day trial in the lawsuit filed by Twitter against Musk to start on the 17th of October.

Also Read: Instagram goes full TikTok and Changes all Videos into Reels

The Tesla CEO wooed the Twitter board with an offer of $54.20 per share offer In July, he declared that he was “terminating” the agreement based on allegations that the company misled about its total of spam and fake accounts.

row over bots

Twitter which’s stock price ended with $41.61 the previous day, stuck to its estimations of accounts that are run through software “bots” instead of people and has argued that Musk has come up with excuses to renege on the agreement.

Social media has called on shareholders to support the merger, and has set an election on the merger to be held on the 13th of September.

“We are determined to close the deal at the terms and price that were agreed upon by the late Mr. Musk,” Twitter chief executive Parag Agrawal and chairman of the board Bret Taylor wrote in an email to investors.

A lot of money is at stake, as are the prospects for Twitter and its users. Musk has declared should permit any speech that is legally permitted — an absolute position which has raised concerns that the platform might be used as a tool to promote violence.


Please enter your comment!
Please enter your name here