365Telugu.com Online News, Hyderabad, July 30, 2022: San Francisco: Tech billionaire Elon Musk has filed a countersuit against Twitter as part of his ongoing legal battle with the microblogging platform over his aborted $44 billion takeover deal. Although the lawsuit is not yet available to the public, a partially redacted version may be available soon, according to court rules. It’s not clear why Musk asked the court to keep details of his countersuit confidential when the Tesla and SpaceX CEO has been heavily critical of Twitter in recent months on social media and in press interviews.
In a recent tweet to Musk, a follower said that under SEC Rule 10b-5, Twitter is “responsible for omitting or misrepresenting material facts. Abandoning due diligence does not mean you have to accept fraudulent disclosures (much less bots).”. Musk replied: “Exactly.” The tech billionaire closed the $44 Twitter takeover deal after CEO Parag Agarwal didn’t believe what he was told about the actual number of bots on the platform.
As Musk threatened to cancel the $44 billion Twitter acquisition deal, the micro-blogging platform revealed it was suspending 1 million spam accounts a day. Meanwhile, a US judge has set October 17 as the start date for the high-profile trial in the Twitter vs. Musk legal battle. Judge Kathleen McCormick of the Delaware Court of Chancery released the official schedule, with the high-profile trial set to begin Oct. 17-21. Twitter wanted the trial to start on October 10, but Musk said he wanted to start a week later, stressing that the extra week of preparation time was critical.