Elon Musk files countersuit as legal battle over Twitter deal escalates

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Musk’s countersuit was filed with a legal defense to Twitter’s claim that the billionaire is contractually bound to complete the deal he signed in April to buy Twitter.

The Tesla boss wooed Twitter’s board with an offer of $54.20 per share, but then announced in July that he was “terminating” their deal. (Reuters)

Elon Musk has filed lawsuits against Twitter as he battles the tech company’s lawsuit demanding he be held to his $44 billion takeover deal.

Musk’s countersuit was filed with a legal defense to Twitter’s claim that the billionaire is contractually bound to complete the deal he signed in April to buy Twitter, the chancery court heard on Friday. of the State of Delaware in a notice.

The 164-page dossier was submitted as “confidential”, meaning the documents were not publicly available, the notice said.

However, court rules require Musk to submit a public version of the case with trade secrets or other sensitive information redacted.

A judge has ordered a five-day trial in Twitter’s lawsuit against Musk that will begin Oct. 17.

The Tesla boss wooed Twitter’s board with an offer of $54.20 a share, but in July announced he was “terminating” their deal over accusations that the company is l allegedly misled regarding its tally of fake and spam accounts.

READ MORE: The Elon Musk-Twitter saga, explained

Row on the bots

Twitter, whose share price closed at $41.61 on Friday, stuck to its estimates for accounts run by software ‘bots’ rather than people, and argued that Musk is making up excuses for withdraw from the contract.

The social media platform urged shareholders to approve the deal, setting a vote on the merger for September 13.

“We are committed to completing the merger at the price and terms agreed to with Mr. Musk,” Twitter Chief Executive Parag Agrawal and Chairman of the Board Bret Taylor said in a copy of a letter. to investors.

Billions of dollars are at stake, but so is the future of Twitter, which Musk says should allow all legal speech – an absolutist stance that has raised fears the network could be used to incite violence.

READ MORE: Twitter reports quarterly loss, cites Musk takeover uncertainty

Source: AFP

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