NEW: ElonMusk files countersuit against Twitter under seal, minutes from deadline
The billionaire filed the 146-page countersuit under seal minutes before the 5 p.m. deadline, according to the New York Post. The contents are currently not visible to the public, but a redacted version may be released in the future. The filing arrives the same day that the Delaware Court of Chancery set the dates for Twitter and Musk's trial.
While Musk's legal team argued that a full trial in early 2023 was necessary because of the need to analyze Twitter's claims regarding spam bots, the judge ruled in favor of an expedited trial to minimize adverse effects on the company. Musk terminated his agreement to acquire Twitter on July 8, claiming that Twitter had lied about the number of spam bots on its platform. Twitter promptly responded by filing a lawsuit against Musk on July 12, hoping to force him to uphold the agreement.
If Twitter wins its court case against Musk, he will be forced to purchase its stock at $54.20 a share and turn the company private. If Musk succeeds, he will be released from his contractual obligations and will only have to pay a $1 billion termination fee, as established in the agreement. A settlement is possible between the two parties but would require additional negotiations.
The platform has continued to move forward as though the agreement will be upheld. The company said in a Securities and Exchange Commission filing that it intends to hold a special meeting on Sept. 13 to encourage shareholders to vote in favor of Musk's acquisition of Twitter.
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