Twitter Deal | Elon Musk Seeks Time For Trial Prep In Suit Over $44 Billion Takeover: Report
Musk offered to pay $54.20 per share for Twitter in April, after the company reversed its initial objection to the proposal.
Tesla CEO Elon Musk responded Friday to Twitter's lawsuit aiming to compel him to finish his $44 billion acquisition of the platform, according to numerous news reports, news agency Associated Press reported.
Musk's attorneys accused Twitter in a complaint with the Delaware Court of Chancery of suppressing information concerning bogus accounts — a long-standing concern for Musk — as well as causing delays, delivering evasive replies, and erecting technological barriers.
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The brief also contested Twitter's plea for a speedy trial, noting that obtaining material from Twitter and deposing multiple witnesses on the issue of bogus accounts would take months, AP reported.
Musk offered to pay $54.20 per share for Twitter in April, after the company reversed its initial objection to the proposal.
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However, the two parties have been preparing for a judicial battle since the billionaire announced a week ago that he was withdrawing from his deal to acquire the firm.
The lawsuit echoed numerous other allegations Musk has already made, including that Twitter breached the purchase agreement by firing two high-level executives without first alerting Musk.
Twitter Sues Tesla Chief Over $44 Billion Takeover Deal
Earlier on Tuesday, Twitter initiated legal action against Tesla chief Elon Musk for abandoning the $44 billion deal to buy the social media platform at a Delaware court demanding the world's richest entrepreneur to complete the deal at the agreed $54.20 per Twitter share.
In its lawsuit, the company targeted Musk for hampering the company’s operations. "Musk apparently believes that he - unlike every other party subject to Delaware contract law - is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away," said the lawsuit, according to news agency Reuters.
(With Inputs From AP)
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