World’s richest man and almost Twitter owner Elon Musk plans to countersue the blue bird in an effort to get his $44 billion dollar buyout thrown out. The social media giant announced last week they would sue Musk to have him honor the original offer.
From The New York Post:
Musk’s lawyers are angling to push a Delaware Court of Chancery judge to grant them more time and power to gather information about bots on Twitter, sources close to the situation said. A protracted legal battle could also potentially drag down the company’s stock, giving Musk more leverage to renegotiate Twitter’s sale price.
The news comes less than a week after Twitter sued Musk in Delaware, accusing the mogul of agreeing to buy the site then attempting to “trash the company, disrupt its operations, destroy stockholder value, and walk away.”
Twitter wants the court to force Musk to purchase Twitter at the agreed-upon price of $54.20 per share, while Musk has argued that he’s allowed to terminate the deal because Twitter has failed to provide adequate information about fake accounts on the site.
The first hearing is scheduled for Tuesday, where Delaware Court of Chancery chancellor Kathaleen McCormick will decide whether or not to gran Twitter’s request for an expedited trial —a September start, while Musk’s team is pushing for February 2023. This may be a tactic to drag the stock price down.
“The core dispute over false and spam accounts is fundamental to Twitter’s value,” Musk’s lawyers wrote in a filing on Friday in response to Twitter’s suit. “It is also extremely fact and expert intensive, requiring substantial time for discovery.”
Continue reading over at The New York Post:
— New York Post (@nypost) July 18, 2022