Elon Musk countersues Twitter in $44 billion Deal

Elon Musk Twitter

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Tesla CEO Elon Musk has countersued Twitter after the latter sued the billionaire for pulling the plug on a $44 billion acquisition deal. The details of the lawsuit, which was filed on Friday have not been made available to the public yet. According to CNBC, Musk’s legal team asked the court tokeep the details confidential.

Twitter sued Musk last month after the Tesla boss reneged on an earlier plan to purchase the social networking platform. The Tesla boss initiated a hostile takeover earlier in February this year, offering stakeholders $44 billion to buy Twitter.

The Tesla earlier this month announced his intention to terminate the acquisition deal after Twitter breached the terms of the agreement. Musk alleged that the company had withheld data regarding the true number of bots and fake accounts on the platform.

Read: Elon Musk Sued for Unlawful Conduct in Handling of Twitter Bid

In the suit, Twitter terms Musk’s intended termination as invalid and wrongful. The social media platform says that it is Musk, who is in fact, in breach of the agreement and are seeking to prevent him from further breaches and to “compel consummation of the merger upon satisfaction of the few outstanding conditions.”

“Musk apparently believes that he – unlike every other party subject to Delaware contract law – is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,” said the complaint.

Musk’s legal team filed a confidential lawsuit, meaning the details will be available to the public after sensitive details have been redacted.

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Chancellor Kathaleen St. J. McCormick, the judge handling the case, had on Thursday night ruled that the Twitter trial be scheduled to commence on October 17.

Since Musk announced plans to buy Twitter in February this year, he has taunted the company with disparaging tweets. Experts believe Twitter has an upper hand in the lawsuit which has attached several of the billionaire’s tweets.

“For Musk, it would seem, Twitter, the interests of its stockholders, the transaction Musk agreed to, and the court process to enforce it all constitute an elaborate joke,” the lawsuit said.

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Written by Vanessa Murrey

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