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Litigation between a billionaire Elon Musk D Twitter escalated this Friday after the businessman accused the social network of “fraud” as part of a $44 billion purchase agreement reached with the company, from which he wants to exit.
In response to a request for Twitterwho wants a court order that forces Musk to buy the company, Musk is suing Twitter in a Delaware specialized business court for falsifying the number of monetized accounts (believable for generating income), as he could check on Friday AFP.
Elon Musk and Twitter to face trial
Twitter and the world’s richest man face off in Delaware court.
Lawyers Musk now blame Twitter “disguised the truth” about the number of monetized daily users, which the social network estimates at 238 million.
According to legal representatives Muskthere are about 65 million fewer of them, and “most ads” only reach “less than 16 million users, which is just a fraction” of what Twitter informs.
“Twitter violently obstructed the dissemination of information in a desperate attempt to avoid (which Elon Musk) detected fraud”the complaint says.
In the middle of July, Twitter delivered to Musk before the Delaware Court of Chancery, a court specializing in commercial law, to force him to honor the deal. The process will start on October 17th.
Two weeks later billionaire boss Tesla D SpaceX counterattacked with a “confidential” lawsuit.
Musk signed a sale and purchase agreement at a price of USD 54.20 per share after entering the capital Twittersocial network in which he is a frequent user.
In late July, he unilaterally terminated the agreement, claiming that the San Francisco-based firm had lied about the proportion of automated accounts and spam on its platform.
Arguments Elon Musk and Twitter
Musk accuses the Twitter board of hiding the true proportion of fake accounts, which the social network estimates is less than 5% of existing ones.
White papers filed by the platform with US stock market authorities (SEC) “contain numerous false statements and omissions that misrepresent Twitter’s value and led to Elon Musk agreeing to buy the company at an inflated price,” his lawyers now say.
They add that Twitter’s strategy was to “play hide-and-seek” to keep the buyer from “learning the truth” for as long as possible.
Twitter indicates that the businessman facilitated the negotiations and that the agreement never mentioned false reports. His lawyers denounce “an attempt to terminate a contract that Musk no longer finds interesting as the stock market tumbled.”
Amid a general market weakness in recent months, a drop in social media advertising revenue due to the economic situation and public criticism of Musk, Twitter shares fell to about $32 on July 11.
They were worth $41.97 on Wall Street this Friday, up 2.20%. Tesla shares, by contrast, fell 6.05% to $869.92.
AFP
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I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.