The ongoing saga between Twitter and Elon Musk has taken a further development after Musk’s lawyers countersued as the row over his $44 billion takeover continues.
Musk’s lawyers have filed a 164-page countersuit against Twitter, which is being kept secret.
Musk’s new suit on Friday, July 29, caps off two weeks of legal maneuvering by both sides.
The confidential response included counterclaims against Twitter.
Confidentiality can be granted for specific types of information, such as trade secrets, sensitive financial or business information, or staff details.
The court rules clarify that should be granted only “if the public interest in access to Court proceedings is outweighed by the harm that public disclosure of sensitive, nonpublic information would cause,”.
Elon Musk countersued Twitter before the October trial, escalating the feud between the billionaire and the social media giant.
Trial date set for October
The trial over the takeover bid will proceed in Delaware Chancery Court on October 17.
Chancellor Kathaleen McCormick approved a trial scheduled for the week of mid-October.
Twitter sued Musk earlier this month, saying that the Tesla CEO violated his deal to acquire the social media site for $44 billion, in a complaint that accused Musk of rule-breaking and “hypocrisy.”
Musk agreed to acquire Twitter in April for $54.20 per share, presenting himself as a champion of free speech and promising to liberate the platform from harsh moderating practices he deemed political in nature.
He also vowed to support the purchase with a substantial percentage of his personal riches.
Musk has stated that the Twitter bid is on hold.
But, weeks later, Musk tweeted that the acquisition was “on hold” pending an analysis of the percentage of false accounts on the site.
The reversal coincided with investor concerns and economic pressure, which took a severe toll on Tesla stock, which is linked to a large portion of Musk’s personal wealth.
This generated a public debate as Twitter tried to give proof for its estimate that spam and bot accounts constituted less than five percent of all accounts on the service.
Musk announced his withdrawal from the transaction on July 8. A few days later, Twitter filed the action, referring the case to the Delaware court.
The trial is scheduled for five days and will conclude on October 21.
Source: The Washington Post