Elon Musk Will File A Lawsuit Against Twitter, Trying To Cancel The Deal
Elon Musk plans to file a counter – lawsuit against Twitter in the coming days — the tech billionaire’s latest attempt to scrap his $44 billion agreement to buy the social-networking giant.
Elon Musk tries to cancel the deal with Twitter
Elon Musk plans to file a counter-lawsuit against Twitter in the coming days — the tech billionaire’s latest attempt to scrap his $44 billion agreement to buy the social-networking giant.
Musk’s lawyers are angling to push a Delaware Court of Chancery judge to grant them more time and power to gather information about bots on Twitter, sources close to the situation said. A protracted legal battle could also potentially drag down the company’s stock, giving Musk more leverage to renegotiate Twitter’s sale price.
The news comes less than a week after Twitter sued Musk in Delaware, accusing the mogul of agreeing to buy the site then attempting to “trash the company, disrupt its operations, destroy stockholder value, and walk away.”
Elon Musk has 20 days from last Tuesday, when Twitter’s suit was filed, to file his own counterclaims.
Twitter wants the court to force Musk to purchase Twitter at the agreed-upon price of $54.20 per share, while Musk has argued that he’s allowed to terminate the deal because Twitter has failed to provide adequate information about fake accounts on the site.
The first hearing in Twitter’s lawsuit is scheduled for today (July 19).
Twitter’s lawyers are pushing for a four-day trial starting in September, while Musk wants the trial to open no earlier than February 2023.
“The core dispute over false and spam accounts is fundamental to Twitter’s value,(…)It is also extremely fact and expert intensive, requiring substantial time for discovery.”Musk’s lawyers wrote in a filing on Friday in response to Twitter’s suit
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