Elon Musk plans to fight back against Twitter
The American billionaire, who is currently being sued by Twitter for refusing to acquire the social network, is reported to have filed a complaint against the company on Friday.
Elon Musk announced in April his intention to buy the social network for $44 billion.
AFP
Elon Musk, who is being sued by Twitter for reneging on his obligations to acquire the social network, counterattacked Friday by filing a complaint against Twitter in a Delaware court, according to the Wall Street Journal. This complaint, filed as a 164-page “confidential” document, is not yet available to the public, according to the opinion of the Delaware Chancery, the commercial law court in charge of the case.
However, it is expected to be made public soon, and court rules require Elon Musk to release a public version of it after removing any trade secrets or other sensitive information it may contain.
In what promises to be an escalating legal battle, Tesla’s boss filed a countersuit shortly after the judge overseeing the Twitter lawsuit set an October 17 start date for hostilities. The newspaper understands that one of Elon Musk’s inquiries concerns the allegation that Twitter lied about the number of its users it could buy out after it accepted his offer to buy.
Twitter already filed a complaint on July 12.
Elon Musk announced in April his intention to buy the social network for $44 billion, but in early July he finally announced that he was terminating the agreement on the grounds that the San Francisco-based company had, he said, lied about the proportion of automated and spam accounts. on his platform. On July 12, Twitter filed a complaint in Delaware (Northeast) state court to force the world’s richest man to honor his buyback obligation.
The social network, which says less than 5% of its active users are not authentic, is seeking to enforce the agreement or demand a $1 billion severance package. Elon Musk has promised to offer $54.20 per share to Twitter.
But due to a general downturn in the stock market in recent months, a drop in advertising revenue that is affecting the social network, and criticism of the billionaire in public places, the Twitter name quickly collapsed and fell to about $32 on 11 July, the day before his complaint about Elon Musk. It traded at $41.61 on Friday.
AFP
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