Site icon News climb

Tesla CEO Countersues Twitter Over $44 Billion Purchase Deal

Elon Musk vs Twitter Saga: Tesla CEO Elon Musk has officially intensified the battle between him and Twitter by countersuing the microblogging platform on Friday, July 29. The lawsuit, as per a report, was filed confidentially and in response to the social media company’s legal complaint filed against Elon Musk for walking away from the $44 billion Twitter deal.

As per a report by news agency Reuters, even though the lawsuit document was not publicly available at the time of writing, a redacted it could be made public soon under court order.

Elon Musk filed the lawsuit hours after a five-day trial set to begin from October 17, to determine if he could walk away from the $44-billion deal, was ordered by Chancellor Kathaleen McCormick of the Delaware Court of Chancery, the report said. The judge has ordered a five-day trial in the matter.

“This order does not resolve any specific discovery disputes, including the propriety of any requests for large data sets,” McCormick was quoted as saying by Reuters.

Twitter has not issued a statement regarding the news and neither did it respond to Reuters’ request for comment over the 164-page countersuit.

“I have reviewed the counterclaims and declare that the matter contained therein insofar as it concerns my acts and deeds is true, and insofar as it relates to the acts and deeds of any other person, I believe it to be true,” said an accompanying filing signed by Musk.

On Tuesday, Elon Musk asked the judge to schedule a five-day trial beginning Oct. 17, not October 10 as requested by Twitter Inc, to resolve his bid to walk away from his $44 billion deal to acquire the social media platform. However, the two sides were not showing agreement over the limits of discovery, or access to internal documents and other evidence.

Musk agreed in April to buy Twitter and take it private, offering $54.20 a share and vowing to loosen the company’s policing of content and to root out fake accounts. On July 9, however, Musk walked away from the deal. As part of the deal, Musk and Twitter had agreed to pay each other a $1 billion breakup fee if either was responsible for the deal collapsing.

“We are committed to closing the merger on the price and terms agreed upon with Mr. Musk,” Twitter chief executive Parag Agrawal and board chairman Bret Taylor had said in a copy of a letter to investors after the billionaire refused to carry on with the deal.

(With agency inputs)

Read all the Latest News and Breaking News here

Source link

Exit mobile version