Twitter Responds to Elon Musk's Countersuit: Tesla CEO's Claims A 'Story That Is Implausible'

The mudslinging seems to go on endlessly in the Twitter, Inc. (NYSE: TWTR)-Elon Musk saga. The latest episode has seen the social media platform filing a 127-page response to the Tesla, Inc. (NASDAQ: TSLA) CEO’s countersuit.

What Happened: Twitter’s Chairman Bret Taylor shared the document on the namesake platform late Thursday and said Musk’s claims are “factually inaccurate, legally insufficient, and commercially irrelevant.”

Twitter filed a response to Mr. Musk’s counterclaims. His claims are factually inaccurate, legally insufficient, and commercially irrelevant. We look forward to the trial in the Delaware Court of Chancery. See the filing here: https://t.co/beAyGqRxFL

— Bret Taylor (@btaylor) August 4, 2022

Musk’s claim in the countersuit that he was hoodwinked by Twitter into signing a $44 billion merger agreement is a “story that is implausible and contrary to fact,” the social media platform said.

“And it is just that—a story, imagined in an effort to escape a merger agreement that Musk no longer found attractive once the stock market—and along with it, his massive personal wealth—declined in value."

Musk has come up with an entirely new set of excuses for his breach in the counterclaims, the filing said.

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Twitter said its SEC disclosures regarding spam accounts are accurate and that its only strategy has been to advance the interests of the company and its shareholders, and comply with the merger agreement.

Twitter also said Musk's complaints about the company using monetized daily average users, not closely tied to revenue, as a key metric for revenue growth is a “newly invented litigating position.”

Musk also accused Twitter of making key decisions without consulting him after the deal was announced, and not disclosing the ongoing legal challenge in India, among other things.

What’s Next: Twitter’s lawsuit against Musk will come up for hearing in the Delaware Chancery Court on Oct. 17, and since it is a fast-tracked case, an outcome will likely be soon known.

Twitter received a copy of Musk’s countersuit last Friday and opposed the billionaire’s request to make the document public before it could redact confidential information about the company. Reports suggest the court could publicly release the document on Friday.

Price Action: Twitter closed Thursday’s session up 0.15% at $41.06, according to Benzinga Pro data.