Tesla CEO Elon Musk Countersuing Twitter To Stretch Buyout Battle

Tesla CEO Elon Musk is planning a countersuit against Twitter to buy himself more time to collect evidence regarding the social media’s seemingly excessive number of bot accounts, which ties into the value that Musk originally agreed to buy the company for.

After a Delaware Court of Chancery judge sided with Twitter on an expedited trial after the site sued Musk for backing out of his deal, Musk’s legal team is fighting for more time.

Musk agreed to fully purchase Twitter for the price of $54.20 per share, amounting to a roughly $44 billion deal.

ELON MUSK BACKS OUT OF TWITTER PURCHASE, WHAT’S NEXT?

His countersuit will push for the trial to start after February 2023 in order for Musk’s legal team to accrue more information on Twitter’s bot count, despite the technical boundaries that Twitter has reportedly put up to conceal the number of fake accounts.

With the stock dipping in value in the ensuing months, the potential for a considerable sect of Twitter users to be identified as bots and no plausible revenue stream for the social media platform to offer, Musk got cold feet and announced that he intended to back of the purchase.

Musk has also stated that he should be allowed to back out due to the company’s “lack of transparency.”

Musk’s originally cited intention behind purchasing the company was to dismantle a stronghold on free speech maintained by Twitter’s brain trust.

Twitter’s legal representation is bidding for the four-day trial to start in September 2022, according to the New York Post. Initial hearings on the case begin Tuesday, July 19.

Stay tuned with OutKick as the story develops.

Written by Alejandro Avila

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