Elon Musk, the well-known billionaire had extended an arrangement to buy Twitter. The sequence of events started with his tweet criticizing Twitter to be a platform where there is no freedom of speech and told followers that he was planning to start a social media platform of his own. Later he purchased a massive 9.2% Twitter stake in the company and offered a huge amount of $44 billion to buy the social media company. The meetings and dealings started between Elon Musk and the company’s shareholders for many months. In the intervening time, Elon Musk’s followership had reached 100 Million on Twitter due to his input on Twitter and his decision to buy the platform which shows people started liking him but after many months of hype and acquiring extra recognition for purchasing Twitter for a big amount of $44 Billion, Elon Musk lost interest in the purchase and finally closed the deal. Twitter sued Elon Musk for the denial to complete the $44B purchase and for wasting the time of the stakeholders but Elon Musk acted smartly and a few days back countersued Twitter on his purchase deal.
Elon Musk countersues Twitter
When Luigi Crispo, owner of 5500 Twitter shares on behalf of the company filed a lawsuit again Musk on Friday, Chancellor Kathaleen McCormick of the Delaware court of chancery ordered to arrange a five-day trial which will begin on 17 October to decide whether Musk finish the deal or not. The 164-page document from Musk seems to be in its closure now and the court is planning to make the document public so that the people must also know. Musk on the other hand is of the view that the company couldn’t reach an agreement. The share price of $41.61 was low but the shareholders wanted him to buy the share for $ 54.20. Musk finally has countersued Twitter for not being fair.
Whatsoever the situation prevalent within Twitter because of the Elon Musk trial, the company is still working on bringing new and creative addition to the platform to provide ease and convenience to its users.