Twitter sued Elon Musk to force him to go through with the purchase. Now Musk has flipped course and is again proposing to buy Twitter for $54.20 a share.
Musk alleged that Twitter was misstating the number of"bots" on its service as one of the reasons he was reneging on the deal. He and his lawyers claimed the social media company was misleading investors by providing false numbers in corporate filings with the Securities and Exchange Commission.
Musk also alleged Twitter failed to provide him with the necessary data related to spam and bots, which Twitter denied. Although Musk sought to delay the trial date, Delaware Chancellor Kathaleen McCormick rejected his wish citing the potential for Twitter to incur"irreparable harm." The chancellor did allow Musk and his attorneys to amend their counterclaim to include certain accusations made by Twitter's former head of security in a separate whistleblower suit against the company.Meanwhile, Tesla shares closed up nearly 3% for the day.
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