The buyout drama between Twitter and Elon Musk has been gaining momentum and it looks like the Tesla and SpaceX CEO is doing his best to come out of the lawsuit unscathed. Elon Musk and Twitter are gearing up for the lawsuit hearing scheduled for October 19 in Delaware, and as the conflict between the two intensifies, both parties are striving hard to claim victory. In an attempt to gain a firmer footing, Musk has subpoenaed Jack Dorsey, his friend, and the former CEO of Twitter. Musk is indeed putting his best foot forward in his attempt to acquire documents that might help him back out of the $44 billion deal. Read along to know more.
The What and Why
The battle between Twitter and Elon Musk, and the accompanying drama began when Elon Musk went back on his word to buy Twitter. Although he claimed misinformation with respect to spam accounts was the legible reason behind him backing out of the deal, Twitter had a different take on the matter. Twitter alleged Musk’s actions to be nothing but “buyer’s remorse” following the fall in stocks. Soon enough the matter was taken to court and the two parties are to lock horns on the 19th of October in Delaware.
As both parties are gearing up to face the impending lawsuit, efforts are moving in full swing on both sides to ensure victory. Musk has subpoenaed his friend and former CEO of Twitter, Jack Dorsey in an attempt to acquire documents that might help him back out of the deal. Musk’s legal team approached Dorsey asking for all documents and communications regarding the merger deal in addition to documents “reflecting, referring to, or relating to the impact or effect of false or spam accounts on Twitter’s business and operations.”
On his part, Jack Dorsey is of the opinion that Twitter shouldn’t be owned by anybody, “In principle, I don’t believe anyone should own or run Twitter,” Dorsey tweeted in April. He had also stated that Musk is the “singular solution” he trusts.
Not just Musk, Twitter has also subpoenaed several tech investors and entrepreneurs who are connected to Musk like the prominent venture capitalist Marc Andreessen, and David Sacks, the COO of PayPal.