Elon Musk in court to cancel the deal to buy Twitter

In April this year, Tesla CEO Elon Musk signed an agreement to buy Twitter for 4,400 crore dollar. He later canceled that deal in late June. Twitter authorities sued him for withdrawing from the contract.

Now Musk has appeared in court to withdraw legally from that contract. He submitted a 164-page document to the court on Friday (July 30). However, the court said that the document is not being disclosed now as it has not been redacted. 

Musk canceled his contract with Twitter after alleging that the number of spam and fake accounts on Twitter was higher than the platform claimed. Musk's case was filed a few hours after Delaware Court of Chancery Chancellor Kathleen McCormick ordered a five-day trial to begin on October 17. In that case, the court will decide whether Musk can withdraw from the Twitter settlement agreement.

Meanwhile, Luigi Crispo, the owner of 5500 shares of Twitter, filed another lawsuit against Musk in court on Friday to complete the acquisition agreement. In the lawsuit, he accused Musk of 'failure to fulfill his fiduciary duty' to shareholders and demanded damages. Musk has an obligation to Twitter shareholders due to his 9.6 percent stake in the company.

In addition, Musk has the power to 'veto' many of the company's decisions in the Twitter acquisition settlement agreement. However, no comment was received from the Twitter authorities in this regard. In addition, Musk is facing a week-long trial in Wilmington and Delaware from October 24, where a Tesla shareholder accused Musk of canceling corporate waste accounts and calling his $5,600 million salary package "unfair."