Tesla and SpaceX owner Elon Musk has filed a counterclaim against Twitter, which is suing him to complete the deal to buy the company. This is reported CNBC channel on Friday, July 29th.
Musk asked the court not to release the details of his lawsuit, but, as noted by CNBC, they will be available to the public in an edited form shortly. Before this billionaire publicly criticized Twitter for refusing to provide it with data on the number of spam and bots registered from the social network, which is important for understanding the advertising audience and business potential of the site.
Musk and Twitter controversy
At the end of April this year, Musk announced that he was buying 100 percent of Twitter shares for $44 billion, but in the end backed out of the deal in early July, explaining this by refusing to provide him with the necessary information.
Musk’s lawyers said in a letter to the company that they “have reason to believe” that the true number of fake and spam Twitter accounts is significantly higher than the social network’s reported “less than five percent.” Against this background, Twitter shares fell by about 6 percent.
In response, the owners of Twitter accused the billionaire of refusing to fulfill obligations to the platform and its shareholders and through the court demanded that the businessman close the deal. The company felt that Musk refuses to fulfill his obligations due to the fact that the deal no longer meets his personal interests.
“Musk’s behavior clearly confirms that he is seeking to get away from the binding contract he signed voluntarily, and that he is seeking to harm Twitter in the process,” the company said.
Under the terms of the agreement, if one of the parties withdraws from it, a fine of up to one billion dollars is provided, AFP notes. The company asked the court to set a four-day trial for mid-September. The Delaware court has scheduled the lawsuit to begin on October 17.