Legal Battle: Elon Musk Files Countersuit Against Twitter Over $44 Billion Deal

OB Bureau

San Francisco: Elon Musk has filed a countersuit against Twitter Inc in his legal fight against the social media company as he seeks to walk away from the $44 billion purchase deal.

The 164-page document was not publicly available as the lawsuit was filed confidentially. Under court rules, a redacted version could soon be made public.

Just hours before Musk filed the lawsuit, Chancellor Kathaleen McCormick of Delaware Court of Chancery ordered a five-day trial — beginning on October 17 — to determine if Musk can walk away from the deal.

Musk was also sued by a Twitter shareholder, who asked the court to order the world’s richest person to close the deal, find that he breached his fiduciary duty to Twitter shareholders and award damages for losses he caused.

Musk, chief executive of Tesla Inc, said three weeks ago that he was abandoning the takeover, blaming Twitter Inc for breaching the agreement by misrepresenting the number of fake accounts on its platform.

Twitter sued Musk within a few days, calling the fake account claims a distraction and stating that he was bound by the merger contract to close the deal at $54.20 per share.

Twitter’s share price was $41.61 at the end of Friday, the highest close since Musk announced he wouldn’t complete the deal.

OB Bureau

Recent Posts

Odisha: Album Actress Ruchismita Guru Was Suffering From ‘Depression’, Says Father

Bhubaneswar: Odia album actress Ruchismita Guru, who was found hanging inside a house at Sudapada…

March 27, 2023

Danda Nacha Troupe Attacked In Odisha’s Boudh; Seven Critical

Boudh: Seven persons, belonging to a Danda Nacha troupe, were critically injured after being brutally…

March 27, 2023

Two Killed, 5 Critical As Bus Crashes Into Truck In Odisha’s Rourkela

Rourkela: Two persons were killed while five sustained critical injuries after a private bus rammed…

March 27, 2023

Odia Album Actress Ruchismita Guru Found Hanging In Balangir

Balangir: A week after DJ Azex of Odisha was found dead under mysterious circumstances, popular…

March 26, 2023

Union Minister Anurag Thakur Savours ‘Dahibara Aloodam’ & ‘Chhenapoda’ At Odisha Parba In Delhi

Bhubaneswar: The three-day cultural extravaganza, Odisha Parba 2023 in New Delhi, witnessed a footfall of…

March 26, 2023

Air Turbulence On The Rise Due To Climate Change, May Worsen: Study

London: Experiencing turbulence while travelling in a plane is not very pleasant. Air turbulence more…

March 26, 2023