Elon Musk backed out of his deal to purchase Twitter, and it was followed by the company suing him for it. Twitter v. Elon Musk trial is already scheduled for next month. Despite this, the billionaire has decided to countersue the social media giant.
In late April, Musk made an offer to buy Twitter for $54.20 a share, which was 30% more than what the company stock was trading at the time. The deal was accepted by the social media giant at the price of $44 billion. However, in the following month, Musk put his acquisition on hold to investigate the inner workings of the company.
In mid-July, he backed out of the deal, accusing Twitter of making false statements at the negotiating stage. He also claimed they haven’t passed along data on the number of bots/spam accounts the website has.
According to CNBC, Elon Musk filed a countersuit against Twitter on Friday, July 29. The complaint, however, is not available to the public. Musk has urged the court to keep the specifics of his countersuit private. He has also not mentioned the reasons for doing so.
Elon Musk still owns 9.6 % of Twitter, making him the company’s largest shareholder. The billionaire had massive hopes for the future of the social media website, but it doesn’t appear that will happen anymore. To get the latest updates, keep an eye on Thirsty
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