Elon Musk’s proposal to match original deal terms in Twitter lawsuit

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Here is a list of videos from our team. People familiar with the matter said that the proposal was made in a letter to Twitter by Musk, who asked not to be identified as talking about confidential information. Shares in Twitter went up 18 per cent on the news, and are now halted. Representatives for Musk and San Francisco-based Twitter didn't respond immediately to requests for comment.

Musk's proposal to match the original deal terms means that Twitter is facing a future under the leadership of a billionaire who has spent months criticizing its management and questioning its value. It also means that his claims about how many of the users of Twitter are bots are not likely to be scrutinized in a courtroom. Musk had been trying to back out of his contract to acquire Twitter, which was signed in April. Musk began showing signs of buyer's remorse shortly after the deal was announced, alleging that Twitter misled him about the size of its user base and the prevalence of automated accounts known as bots.

In July, Musk formally left the agreement, and Twitter sued him in Delaware Chancery Court to force him to go forward with the purchase. The trial is scheduled to begin on October 17. In the weeks-long run-up to the showdown, lawyers for both sides have fired cannonades of subpoenas at each other aimed at teasing out testimony and evidence. Musk s side needed to show that Twitter violated the terms of the deal. Musk used the bots issue as a pretext for backing out of a deal he no longer found economically sound, according to Twitter. One person familiar with the case said that Musk s legal team was getting the sense that the case was not going well, as Judge Kathaleen St. J. McCormick sided repeatedly with Twitter in pre-trial rulings. Even with the emergence of a Twitter whistleblower who claimed executives weren't forthcoming on security and bot issues, there were concerns that Musk's side would not be able to prove a material adverse effect, the legal standard required to exit the contract.