Elon Musk plans to file a counter-lawsuit against Twitter in the coming days — the tech billionaire’s latest attempt to scrap his $44 billion agreement...
Elon Musk plans to file a counter-lawsuit against Twitter in the coming days — the tech billionaire’s latest attempt to scrap his $44 billion agreement to buy the social-networking giant, a source close to the case told The Post.
The news comes less than a week after Twitter sued Musk in Delaware, accusing the mogul of agreeing to buy the site then attempting to “trash the company, disrupt its operations, destroy stockholder value, and walk away.”Twitter wants the court to force Musk to purchase Twitter at the agreed-upon price of $54.20 per share, while Musk has argued that he’s allowed to terminate the deal because Twitter has failed to provide adequate information about fake accounts on the site.
“The core dispute over false and spam accounts is fundamental to Twitter’s value,” Musk’s lawyers wrote in a filing on Friday in response to Twitter’s suit. “It is also extremely fact and expert intensive, requiring substantial time for discovery.”The chancellor is “likely to grant” Twitter’s request for a quick trial, University Of Iowa law corporate and finance law professor Robert T. Miller said in a Monday Wells Fargo investor note obtained by The Post.
“If he comes up with a completely new issue that has not been raised, it could change things,” Miller said. In that case, Delaware has the power to appoint an official called a “special master” to act on his behalf, according to Miller. The court could also hold Musk in contempt, potentially leading to fines or even jail time.
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