Elon Musk is firing back at Twitter after they filed a lawsuit against him, demanding that he complete the $44 billion purchase of the platform.
According to sources close to the Tesla founder, he plans to countersue Twitter within the next few days. The alleged purpose of the countersuit is to grant Musk additional time to gather information concerning bots and spam accounts on the platform. The billionaire has pointed to the excess spoof accounts and Twitter’s alleged lack of transparency as his reasoning for pulling out of the agreement.
The countersuit will take aim at Twitter’s alleged violation of the acquisition agreement. According to Musk, the company fired two high-ranking leadership members without consulting Musk.
The brewing legal battle could cause a drop in the company’s stock, which may also work in Musk’s favor and give him the power to renegotiate his deal. In April, the automotive mogul pledged to pay $54.20 a share for Twitter.
Musk’s countersuit will arrive less than a week after the social media giant asked a judge in Delaware to force Musk to complete the purchase at the agreed price or pay the penalties associated with terminating it. Twitter is requesting a four-day trial beginning in September. However, the 51-year-old would like the proceedings to start in February 2023.
Delaware Court of Chancery chancellor Kathaleen McCormick is expected to rule on Twitter’s request for an expedited trial and Musk’s countersuit.
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