In an interesting and shocking series of events, Elon Musk has moved on to countersue Twitter Inc. company this Friday. All of this legal drama ensued after Elon Musk's decision to walk away from a whopping $44 billion (USD) deal of buying Twitter.
According to the sources, the countersuit includes up to 164 pages and is not available to the public yet. However, court rules dictate that we will soon be able to see a redacted version of that document.
This lawsuit by Musk was filled just hours after the order of 5 days trial by Chancellor Kathaleen. The purpose of this trial is to determine whether Elon Musk had the right to walk away from the deal or not.
When Twitter was approached for their view, they decided not to issue a response for the time being.
Elon Musk Sued By Twitter Shareholders
Earlier, Elon Musk was sued by the shareholders of Twitter Inc., and they asked the court to ensure that the billionaire followed through on his deal to buy Twitter. In fact, they claimed that Musk breached the depositary due to shareholders of Twitter. As such, Mr Musk must pay for the damages he caused to the Twitter company.
Elon Musk is among the richest people on earth and is also the CEO of TSLA company. In July this year, he announced the cancellation of his Twitter buying deal. According to him, the social media platform Twitter misrepresented the actual number of fake accounts.
According to Elon Musk, the actual number of fake accounts was far higher than what was claimed by Twitter.
According to Twitter, this issue of fake accounts is nothing but a distraction used by Musk to run away from the deal. According to them, Musk is bound by law to close the Twitter deal by buying the shares at $54.20.
On Friday, the shares of Twitter were trading at $41.61, which is lower than what was mentioned in the original deal.