WILMINGTON
\nElon Musk countersued Twitter Inc (TWTR.N) on Friday, escalating his legal fight against the social media company over his bid to walk away from the $44 billion purchase, although the lawsuit was filed confidentially.
\nWhile the 164-page document was not publicly available, under court rules a redacted version could soon be made public.
\nMusk\u2019s lawsuit was filed hours after Chancellor Kathaleen McCormick of the Delaware Court of Chancery ordered a five-day trial beginning Oct. 17 to determine if Musk can walk away from the deal.
\nTwitter did not immediately respond to a request for comment.
\nAlso on Friday, Musk was sued by a Twitter shareholder who asked the court to order the billionaire to close the deal, find that he breached his fiduciary duty to Twitter shareholders and award damages for losses he caused.
\nMusk owes a fiduciary duty to Twitter\u2019s shareholders because of his 9.6% stake in the company and because the takeover agreement gives him a veto of many of the company\u2019s decisions, according to the lawsuit, which seeks class status. The lawsuit was filed by Luigi Crispo, who owns 5,500 Twitter shares, in the Court of Chancery.<\/p>\n","protected":false},"excerpt":{"rendered":"
WILMINGTON Elon Musk countersued Twitter Inc (TWTR.N) on Friday, escalating his legal fight against the social media company over his bid to walk away from the $44 billion purchase, although the lawsuit was filed confidentially. While the 164-page document was not publicly available, under court rules a redacted version could soon be made public. Musk\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":274773,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-274861","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\n