Tesla Chief Executive Elon Musk, the world’s richest man, filed a 164-page countersuit against Twitter on Monday, Reuters reported. The filing is classified as confidential, but a redacted version of the lawsuit could be made public soon, according to court rules.
Musk in April to reach a deal with twitter, originally agreed to pay $54.2 per share, total value of about $44 billion to buy twitter, but by the end of July this year, musk, on grounds of false account data problems, announced formally ended on both sides of the deal, then twitter in 11 Sue musk, hoping to force musk performance implementation agreement.
While Mr Musk wanted the trial to be delayed until at least February, US State Court Judge Kathaleen Mc Cormick has formally ruled that a five-day trial will begin on October 17 to determine whether Mr Musk can walk away from the deal.
Twitter disclosed $33.1 million in costs to deal with the proposed acquisition with Musk when it released its second-quarter earnings on Tuesday, but other than that, the deal did not affect the company’s earnings.
Twitter also said it will hold a special shareholder meeting on Sept. 13 to vote on the Musk deal.
After the news broke that Musk had filed a countersuit with Twitter, Musk said in a cryptic tweet on Monday: Tesla + Twitter – >Twizzler.
However, at the same time, a Twitter shareholder also sued Musk on 29, asking the court to order Musk to complete the purchase deal, and filed a compensation request.
He argued that Musk has a fiduciary duty and obligation because he owns about 9.6% of Twitter, and that Musk’s decision to withdraw from the acquisition of Twitter caused losses and therefore should pay damages.