Musk opts for counterattack in case of failed Twitter takeover | Financial

Musk, the richest person on Earth, blew off his $44 billion deal with Twitter because he believed Twitter had lied about the number of spam and fake accounts on the platform. According to Twitter, Musk has, among other things, violated the terms of the purchase agreement.

Twitter wants to force Musk through the court to buy the medium. A judge in Delaware ruled Friday that the case should be heard on October 17. According to Twitter, Musk disrupted the price value of the social media platform by withdrawing the deal. On Friday, Twitter’s share price closed at $41.61. That is considerably lower than the originally agreed amount of 54.20 dollars per share.

Despite the lawsuit, Twitter’s shareholders will discuss the takeover bid at a shareholders’ meeting on September 13. At the meeting, shareholders will be asked to approve the proposed compensation that Twitter will have to pay to certain directors if the buyout by Musk goes through.

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