Connect with us

Hi, what are you looking for?

News

Elon Musk fires back at Twitter in court battle

Elon Musk's SpaceX offers satellite internet to Iran
(FILES) In this file photo taken on February 10, 2022 Elon Musk gestures as he speaks during a press conference at SpaceX's Starbase facility near Boca Chica Village in South Texas. - Twitter reported disappointing results on July 22, 2022, a miss that the social network attributed to "headwinds" including the uncertainty related to Elon Musk's buyout bid. The firm is locked in a legal battle with the mercurial Tesla boss over his effort to walk away from his $44 billion deal to purchase the platform, leaving the company in limbo. Twitter missed expectations with revenue of $1.18 billion, due to "advertising industry headwinds... as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk," the firm reported. (Photo by JIM WATSON / AFP)

Elon Musk on Friday filed claims against Twitter as he fights back against the tech firm’s lawsuit demanding he be held to his $44 billion buyout deal.

Musk’s counter-suit was submitted along with a legal defence against Twitter’s claim that the billionaire is contractually bound to complete the deal he inked in April to buy Twitter, the Chancery Court in the state of Delaware said in a notice.

The 164-page filing was submitted as being “confidential,” meaning the documents were not accessible by the public, the notice indicated.

Rules of the court, however, require Musk to submit a public version of the filing with trade secrets or other sensitive information redacted.

A judge has ordered a five-day trial over Twitter’s lawsuit against Musk to begin on October 17.

The Tesla boss wooed Twitter’s board with a $54.20 per-share offer, but then in July announced he was “terminating” their agreement on accusations the firm misled him regarding its tally of fake and spam accounts.

Twitter, whose stock price closed at $41.61 on Friday, has stuck by its estimates regarding accounts run by software “bots” rather than people, and argued that Musk is contriving excuses to back out of the contract.

The social media platform has urged shareholders to endorse the deal, setting a vote on the merger for September 13.

“We are committed to closing the merger on the price and terms agreed upon with Mr. Musk,” Twitter chief executive Parag Agrawal and board chairman Bret Taylor said in a copy of a letter to investors.

Billions of dollars are at stake, but so is the future of Twitter, which Musk has said should allow any legal speech — an absolutist position that has sparked fears the network could be used to incite violence.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

News

Chief Executive Officer of Tesla, Elon Musk has revealed a humanoid ‘Optimus’ robot prototype. According to The Verge, humanoid shares AI software and sensor...

News

Ride-hailing company, Uber, has increased its fares rate for UberX and UberX Shares in Lagos.   The fares rate hike which is slated to...

News

Apple’s procurement vice president, Tony Blevins has been discharged from his duties over an offensive viral TikTok video. Blevins was accused of making vulgar...

Cryptocurrency

The Kardashians Television Reality Star, Kim Kardashian has been sanctioned by the Securities and Exchange Commission with a fine of $1.26 million.   According...

Advertisement