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Elon Musk hits back and sues Twitter – Strategy

Elon Musk, who is being sued by Twitter in US courts for reneging on his obligations to acquire the social network, counterattacked on July 29 by filing a complaint against Twitter in a Delaware court, according to a legal document. This complaint, filed as a 164-page document in “confidential” form, is not yet available to the public, according to the opinion of the Delaware Chancery, the commercial law court in charge of the case.

However, it is expected to be made public soon, as court rules require Elon Musk to provide a public version of it after it has redacted any trade secrets or other sensitive information it may contain.

See also: Summing up the failed takeover of Twitter

In what promises to be an escalating legal battle, Tesla’s boss filed a countersuit shortly after the judge overseeing the Twitter lawsuit set an October 17 start date for hostilities. One of Elon Musk’s inquiries concerns a claim that Twitter lied about the number of users it could buy out after it accepted his offer to buy, according to the Wall Street Journal.

Elon Musk announced in April his intention to buy the social network for $44 billion, but in early July he finally announced that he was terminating the agreement on the grounds that the San Francisco-based company had, he said, lied about the proportion of automated and spam accounts. on his platform.

Read also: Twitter sues Elon Musk to force him to buy out

On July 12, Twitter filed a lawsuit in a Delaware (Northeast) court to force the richest man in the world to fulfill his ransom obligation. The social network, which claims less than 5% of its active users are not authentic, is seeking to enforce the deal or demand a $1 billion severance package.

Elon Musk has promised to offer $54.20 per share to Twitter. But due to a general downturn in the stock market in recent months, a drop in advertising revenue that is affecting the social network, and criticism of the billionaire in public places, the Twitter name quickly collapsed and fell to about $32 on 11 July, the day before his complaint about Elon Musk. It traded at $41.61 on Friday.

See also: Twitter takeover by Musk: shareholder vote on September 13

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