Twitter filed its response to Elon Musk’s court complaint on Thursday, giving a clearer picture of the arguments of the multibillionaire, who is trying to get out of a deal to buy the social network, accusing him of “threw dust in his eyes“. Tesla and SpaceX CEO claims.are factually inaccurate, legally inadequate and commercially irrelevant. We can’t wait for the trialBrett Taylor, chairman of the platform’s board of directors, tweeted Thursday.
In mid-July, Twitter sued Elon Musk in a Delaware court specializing in business law to force him to honor his $44 billion buyout commitment. The trial is scheduled to begin on October 17. But on Friday, the world’s richest man counterattacked with a protest.secret“. “According to Musk, a billionaire who has founded several companies and is advised by Wall Street bankers and lawyers, Twitter threw a window dressing at him to get him to sign the buyout deal.“, the social network shows. “It’s an attempt to escape a contract that Musk has found unattractive since the stock market slump.“, his lawyers claim.
Elon Musk approached Twitter in April, then struck a deal for $54.20 per share. It unilaterally terminated it in early July, citing the San Francisco-based company as allegedly lying about the proportion of automated and spam accounts on its platform. According to a document filed by Twitter on Thursday, Tesla’s chief accuses the board of directors of hiding the true portion of fake accounts, which he says are about 10% of daily active users, and are exposed to advertising. Twitter estimates it to be less than 5%.
Official documents filed by the platform with the US Stock Exchange Police;contains numerous material misstatements and omissions that distort Twitter’s value and led Elon Musk to agree to buy the company at an inflated price.“, the businessman’s lawyers assure. Twitter’s strategy, they continue, has been:play hide and seek“prevent buyer”find out the truth“. Twitter responds that the businessman rushed the negotiations and that the deal never mentioned the fake accounts.
Between the general decline in the stock market in recent months, declining social media ad revenue (due to economic conditions) and public criticism of Elon Musk, Twitter shares fell to $32 on July 11. It was around $41 on Thursday.
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.