Elon’s Twitter takeover is increasingly becoming unlikely even as Twitter attempts to force the billionaire into sticking to his end of the bargain.
According to a court filing, social media giant Twitter on Monday accused Elon Musk of trying to halt the company’s lawsuit related to holding the Tesla CEO accountable for his earlier proposed $44 billion takeover. Twitter has urged the court to compel him to ensure that deal financing remains on the table.
According to a statement from the company, millions of Twitter shares trade daily under uncertainties created by Musk’s doubt. Moreover, no public company of this size and scale has ever had to bear the brunt of these uncertainties.
With Musk threatening to pull the plug on an earlier agreement, Twitter has sued the billionaire, asking the Delaware judge to order Musk to complete the takeover at the earlier agreed price of $54.20 per share.
The social media giant also added that should Musk be compelled to close the deal, it will take the company additional months of litigation to wrap up debt financing expiring in April. To this end, the firm invoked the judge to outrightly reject Musk’s demand to convene the trial in February.
Musk Preparing to Counter Sue
Meanwhile, Musk, the world’s richest man and CEO of car giant Tesla has accused Twitter of hasting the trial to cover the truth about spam accounts and forcing him into buying the company.
Both parties will have a chance to argue their position about the trial’s proposed start date to the Delaware Court on Tuesday.
According to reports by the New York Post on Monday, Elon Musk isn’t taking Twitter’s litigation lightly and is working with his attorneys to counter sue the social media giant as he attempts to get a true picture of spam accounts.
Since the deal was announced in April, Twitter shares that traded for $50 are now trading below $33 since last week. On Monday, Twitter shares closed the day at $38.41, registering a 1.8% growth.
Whether Twitter or Elon Musk wins this case remains to be seen.
