SAWT BEIRUT INTERNATIONAL

| 10 August 2022, Wednesday |

Elon Musk files countersuit against Twitter over $44 billion takeover deal

As Elon Musk decided to launch a counter lawsuit in the aftermath of him walking away from the proposed $ 44 billion takeover deal, the conflict between him and social media platform Twitter continued to brew. Following the order from the Delaware court of chancery to begin the trial regarding his decision, Musk and his lawyers decided to file the lawsuit. Musk decided to back out of the deal following allegations that around 20 per cent of users on Twitter are fake.
Twitter sued Musk and his company a few days after the decision for backing out of the deal and using the issue of fake users as a “distraction”. While Musk accused Twitter of misrepresenting facts during the deal, the company maintained that they had provided absolute transparency to Musk.

The initial agreement between the two parties also stated that if any side decides to back out of the deal, it will have to pay $1 billion. However, Musk has refused to pay the amount citing the reasons behind his decision and that is another of the demands named in Twitter’s lawsuit.
In her order, chancellor Kathaleen McCormick of the Delaware court of chancery decided to fast-track the trial with both parties agreeing on October 17 as the starting date. She also said that the decision was taken to reduce Twitter’s risks due to the deal not going through.

“This order does not resolve any specific discovery disputes, including the propriety of any requests for large data sets,” said McCormick in her order, according to Reuters.

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