In the legal dispute over the canceled Twitter takeover, the defendant billionaire Elon Musk has submitted his response to the court. He also counterclaims.
In the legal dispute over the Twitter takeover, tech billionaire Elon Musk has submitted his response to the short message service’s lawsuit. However, the document from Friday is not publicly available for the time being. It is also said to contain a counterclaim by Musk against Twitter. Musk’s lawyers have a few days under court rules to release a version without confidential details.
Musk’s response will initially remain confidential
Tesla boss Musk announced in April that he wanted to buy Twitter for around $44 billion. The service initially resisted, but shortly thereafter the board of directors of Twitter concluded a takeover agreement with the entrepreneur. Just a few weeks later, however, he declared the deal on hold and backed out in early July. Twitter is seeking a court ruling in the US state of Delaware that would oblige Musk to complete the acquisition at the agreed price of $54.20 per share.
Musk justified his withdrawal from the deal by saying that Twitter had misrepresented the number of fake accounts on the platform. The service also breached the contract by not providing sufficient access to check the numbers. According to the Wall Street Journal The legal response submitted on Friday is also based on these allegations.
Twitter said in its lawsuit that Musk’s reference to the fake profiles was just an excuse to get out of the takeover deal after a downturn in stock markets.
process start
The Delaware Chancery Court judge scheduled a five-day hearing in the dispute beginning Oct. 17. Musk’s lawyers wanted to delay the start of the trial until next year, but Twitter was able to convince the judge that a quick decision was needed to provide clarity for the company. The business court can order the completion of a takeover, and many US experts see Musk with his arguments at a disadvantage.
