On August 4th, Twitter denied Tesla CEO Elon Musk’s claim that he was tricked into signing the takeover deal, saying the claim was “absurd and contradicts the facts.”
Musk’s legal team made the above claim in a lawsuit filed in Delaware Chancery court on July 29.
Twitter released a court document on August 4th, stating “According to Musk, the billionaire founder of several companies advised by Wall Street bankers and lawyers, he was duped by Twitter into signing a $44 billion takeover deal. This story is absurd and contradicts the facts.” Musk did not immediately respond to a request of comment.
A trial for this case is scheduled for October 17.
On July 8, Musk’s attorneys informed Twitter’s chief legal officer that Musk would cancel the company’s acquisition because it violated several terms of the purchase agreement. If Musk decides to withdraw from the acquisition, it will be required to pay $1 billion under the terms of the agreement.
Twitter formally sued Musk on July 12th to buy the social media business for $44 billion.
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