Musk plans to countersue Twitter to scrap $44 bn deal: Report
Darpan News Desk IANS, 19 Jul, 2022 12:12 PM
San Francisco, July 19 (IANS) Tech billionaire Elon Musk has reportedly planned to file a counter-lawsuit against micro-blogging site Twitter to scrap a $44 billion acquisition deal.
Musk's lawyers are angling to push a Delaware Court of Chancery judge to grant them more time and power to gather information about bots on Twitter, citing sources, The New York Post reported on late Monday.
A protracted legal battle could also potentially drag down the company's stock, giving Musk more leverage to renegotiate Twitter's sale price. The news comes less than a week after the microblogging site sued Tesla CEO in Delaware, accusing the mogul of agreeing to buy the site then attempting to "trash the company, disrupt its operations, destroy stockholder value, and walk away".
Twitter's lawyers are pushing for a four-day trial starting in September, while Musk wants the trial to open no earlier than February 2023.
"Twitter's sudden request for warp speed after two months of foot-dragging and obfuscation is its latest tactic to shroud the truth about spam accounts long enough to railroad defendants into closing," Musk's legal team wrote.Recently, Musk officially pulled out of his $44 billion agreement to purchase the microblogging site.
In a filing with the US Securities and Exchange Commission (SEC), Musk's team claimed he was terminating the deal because Twitter was in "material breach" of their agreement and had made "false and misleading" statements during negotiations.
The platform has claimed that it is suspending nearly 1 million spam accounts a day.
A recent report indicated that Twitter lawyers from Wachtell, Lipton, Rosen & Katz law firms were preparing for a long-drawn court battle after Musk filed paperwork with the US SEC to exit the acquisition deal.
Keen to post your selfie on Instagram? The time of posting is the key to get the maximum likes and comments for your cool picture, a new study has found.
Market research firm Gartner recently released a report projecting the used smartphone market to roughly double to 120 million units, or a wholesale value of $14 billion by 2017, CNET reported.
NEW YORK — Lovers of emojis, the cute graphics that punctuate online writing and texts, will soon be able to pick from different skin tones on Apple devices.
SAN FRANCISCO — YouTube is going to release a mobile app that will only show video clips suitable for young children to help parents control what their kids are watching on the Internet.
Nearly one in 10 anglophone Canadians say they no longer watch any TV shows the old-fashioned way and only stream or download content online, according to a new study.
CALGARY — An Alberta company hopes a new smartphone app will help so-called nomophobia sufferers who can't put their devices down while behind the wheel.
