Electric car maker Tesla CEO Elon Musk has filed a countersuit against Twitter. He filed this case last Friday. Earlier, Twitter executives sued Elon Musk after withdrawing its offer to buy Twitter for $44 billion. Elon Musk chose to continue the legal battle over the purchase of Twitter by countersuing.
The 164-page document in the case is yet to be made public. However, a revised version may be released soon as per court rules.
Delaware Court of Chancery Chancellor Kathleen McCormick ordered a 5-day trial starting on October 17 regarding Elon Musk's withdrawal from the Twitter contract. A few hours later, Elon Musk filed a counter-suit. Reuters contacted Twitter officials, but the microblogging site did not immediately respond to a request for comment.
Elon Musk, the world's richest man, has alleged that Twitter Inc breached an agreement by not accurately representing the number of fake accounts on its platform. So he withdrew from the process of buying Twitter. Then on July 12, Twitter authorities filed a lawsuit against Elon Musk in the Delaware court of the United States. This lawsuit was filed against Musk for canceling the 44 billion contract with Twitter.
According to Twitter authorities, Musk spread confusion by claiming to have a fake account. He is bound to sign a deal to buy Twitter for $54.20 a share. Twitter shares fell to $41.61 after Elon Musk's lawsuit last Friday.
McCormick moved to expedite the case last week, saying the move was to limit potential damage to Twitter from the uncertainty of the deal. Twitter is blaming the court battle for reduced revenue and chaos within the company. The two sides agreed to an Oct. 17 trial but could not agree on access to internal documents and other evidence. Twitter allegation — Musk wants massive amounts of information irrelevant to the core of the case. In this he has breached the contract.
