Elon Musk Sues Twitter For $44 Billion In Retaliation
Elon Musk countersued Twitter amid his legal battle to abandon a $44 billion takeover of the company, Reuters reported, adding that the lawsuit had been filed confidentially.
Elon Musk‘s countersuit was filed late on Friday, July 29th, only hours after a judge set the main Twitter case’s start date of October 17th in an effort to drive Musk into finishing off his portion of the $44 billion agreement.
However, since Elon’s attorneys designated the 164-page document as secret, specifics of the countersuit are not yet known. Elon Musk and his legal team will nevertheless be required by the courts to provide a public version of the file with all private data blacked out.
Instead of the two weeks Elon and his legal team had requested for a February 2023 court hearing, Judge Kathaleen St. H. McCormick scheduled a five-day trial on Friday. According to the Reuters report, Judge McCormick also seemed to know that the initial Twitter case would cause a stir. The validity of any demands for massive data collections, she added, is not resolved by this ruling, she said.
Bret Taylor, the chairman of Twitter’s board, and chief executive officer Parag Agrawal assured investors in a letter that they “were committed to closing the merger on the price and terms agreed upon with Mr. Musk.”
Twitter shareholder Luigi Crispo filed a lawsuit against Elon Musk on Friday
Elon Musk “had breached his fiduciary obligation to Twitter shareholders and award reparations for losses he caused,” claimed Mr. Crispo. He also wants Mr. Musk to be forced into finalizing the acquisition through the course of action.
The ongoing legal disputes between Elon Musk and Twitter inevitably had a detrimental effect on the social media giant’s second quarter profitability. Late last week, Twitter announced $270 million in losses for the quarter, blaming the income decline on a sluggish ad market and the ongoing legal dispute with Elon Musk over the takeover agreement.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews