Science

Social network Twitter reacted to Elon Musk’s complaint

Published: 08.05.2022 – 13:35

The legal soap opera continues between the firm and Elon Musk, and its executives’ response to the billionaire’s complaint provides a clearer picture of the arguments of someone seeking to back away from a social media deal for a takeover that hasn’t happened yet.

Bret Taylor, chairman of the board of directors of the social platform Twitter, said he was looking forward to the trial. The elements put forward by Elon Musk, boss of Tesla and SpaceX, for not buying it, he said, “are factually inaccurate, legally insufficient, and commercially inappropriate.”

The billionaire criticizes the social network “for throwing smoke in his eyes to force him to sign a takeover agreement”, implying that he lied and covered up the existence of numerous automated accounts and spam on the platform, which he says would about 10.% of daily active users. Twitter rates it at less than 5%. Lawyers for the businessman believe that false declarations were filed with the exchange policeman in order to distort the value of the company and lead to an “overpriced” offer.

“This is an attempt to avoid a contract that Musk no longer finds interesting as the stock market has fallen,” Twitter lawyers counterattacked. In other words, chicken eggs are no longer golden!

► Read also: Twitter and Elon Musk: the showdown continues

Since March, Twitter and Elon Musk have been scolding each other online. The billionaire with 100 million followers continues to criticize the firm he dreamed of a few months ago. The strategy that helped weaken the value of the Twitter name has already been weakened by the general downturn in the stock market in recent months and the decline in social media advertising revenue.

► Read also: Twitter takeover by Elon Musk: reasons for the announced failure

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