Report: Elon Musk to countersue Twitter to blow up $44 Billion deal

According to a Monday report, Elon Musk, the CEO of Tesla, plans to countersue Twitter in order to summarize the $44 billion deal.

The main reason Musk was trying to end the deal, as per sources of the New York Post, was because he wanted to give his lawyers more time to learn more about the Twitter bots.

Last Tuesday, Twitter filed a lawsuit against Musk in an effort to pressure him into completing his $44 billion acquisition of the social media giant.

Twitter accused Musk of taking “outlandish” and “bad faith” activities that had harmed the platform irreparably and “wreaked havoc” on its stock price.

In April, Musk committed to buying Twitter for $54.20 per share. Twitter accepted those terms after changing its mind about the acquisition after first opposing it. However, since the billionaire announced a week ago that he was walking away from his agreement to purchase the company, the two parties have been preparing for a judicial battle.

Musk’s attorneys filed a document with the Delaware Court of Chancery on Friday accusing Twitter of hiding information regarding phony accounts, creating delays, giving evasive answers, and erecting technical barriers.

Additionally, the brief questioned Twitter’s request for a hurried trial, asserting that it would take months to get material from Twitter and to depose multiple witnesses regarding phony accounts.

The lawsuit rehashed a number of other charges Musk had previously brought up, including the allegation that Twitter broke the acquisition agreement when it let go of two senior managers without first alerting Musk.

Musk has 20 days from the date Twitter sued him to submit his own counterclaims. Tuesday is the date of the first hearing. Musk is pushing for a later court date whereas Musk’s legal team wants a four-day trial to begin in September.

Twitter’s plea for a hurried trial is anticipated to be taken into consideration by Delaware Court of Chancery chancellor Kathaleen McCormick. If Musk’s legal team were to file a countersuit, McCormick would also hear it.