NEW: Elon Musk Countersues Twitter
Elon Musk on Friday filed a countersuit against Twitter after the social media giant scheduled a vote on the deal after Musk canceled the purchase.
The 164-page lawsuit was filed under seal in Delaware’s Court of Chancery, the New York Post reported.
The New York Post reported:
Elon Musk filed a countersuit against Twitter on Friday, escalating his legal battle with the social media company over his abandoned $44 billion agreement to take over the site.
The 164-page suit was filed under seal just before the judge-imposed 5 p.m. deadline, so its contents were not immediately visible to the public. Under court rules, a partially redacted version may be available next week.
The Post first reported Musk’s plans for the counter-suit, which was filed in Delaware’s Court of Chancery.
“I have reviewed the counterclaims and declare that the matter contained therein insofar as it concerns my acts and deeds is true, and insofar as it relates to the acts and deeds of any other person, I believe it to be true,” said an accompanying filing signed by Musk.
Twitter shares ticked down 0.3% on the news.
Despite Elon Musk canceling his offer to purchase the company, Twitter has scheduled a vote on the deal for September.
Earlier this month, Elon Musk sent Twitter a letter announcing that he was canceling the deal to purchase Twitter because Twitter has not provided information on how bots are calculated at the site. This is pertinent due to the advertising dollars based on real accounts and not bot accounts. The problem for Twitter is that it has been reporting that 5% or less of its accounts are bots.
Now Twitter announces that it will hold a vote on Musk’s purchase of the company after Musk already canceled the deal?