Twitter said that this case is going to affect the business in upcoming months.
Elon Musk and Twitter deal turning towards more and more controversies. This was a roller-coaster ride and every development related to this issue breaks the internet. From multi-millionaire entrepreneur’s announcement to buy Twitter to propose 44 billion USD, raising complications amidst the deal, Twitter sued Musk and a lot more. Now, Elon Musk filed a countersuit against Twitter.
On 29 July, Tesla CEO responded against the Twitter lawsuit—by filing a lawsuit against the social media platform itself. However no details were disclosed at the moment but are to be released gradually. The countersuit was filed in the same Delaware Court of Chancery. Now when this case gets complicated, confusion around the 44 billion USD deal is getting worse.
Elon Musk has his name to make big moves that often turn into controversies. Twitter buying of Tesla CEO is a somewhat similar instance. On 25th March, 2022, Musk made headlines after he announced to buy Twitter. He proposed that he anticipated buying all the shares of the social media platform and making it private.
Musk is known for his free-speech obsession and being vocal about the issue. He said his decision of buying Twitter came in the wake of his actions towards making the social media platform actually free. Followers and supporters took it as yet another bold move by the millionaire entrepreneur.
However, things didn’t go as it was anticipated. Initially Twitter did not agree with the deal but later accepted the deal. Then came the complicated part of this agreement. Musk demanded several technical details including spam accounts on the platform, etc. Twitter accepts that they have provided the detail that Musk asked for. Yet the deal officially withdrew on 8th July, citing the inconsistency and systematic discrepancies during the deal.
Twitter did not take this action just as it is and retaliated. On 12th July, the company went on to file a lawsuit against Elon Musk in Delaware Court of Chancery. They asked the court to order Musk not to withdraw from the deal.
Judge on the case—Chancellor Kathaleen St. J. McCormick, ordered a five-days trial. This trial is to start from 17th October, 2022.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.