(San Francisco) Twitter filed its response to Elon Musk’s lawsuit in court on Thursday, providing a closer look at the multi-billionaire’s arguments that he wants out of the social network’s takeover agreement, accusing him of “throwing dust in his eyes.” “.
Posted at 8:52pm
The Tesla and SpaceX CEO’s claims “are factually inaccurate, legally inadequate and economically irrelevant. We can’t wait for the trial,” Bret Taylor, the platform’s CEO, tweeted on Thursday.
In mid-July, Twitter sued Elon Musk in the Delaware Court of Chancery, a court specializing in commercial law, to force him to redeem his $44 billion acquisition commitment. The trial is scheduled to begin on October 17.
But on Friday, the world’s richest man countered with a “confidential” complaint.
“According to Musk — the billionaire who founded several companies and is advised by Wall Street bankers and lawyers — Twitter threw smoke and mirrors at him to get him to sign the buyout deal,” the social said Network.
“It’s an attempt to get out of a deal that Musk hasn’t found attractive since the stock market crashed,” his attorneys said.
Elon Musk took to Twitter in April and then signed a deal for $54.20 per share. He unilaterally ended it in early July on the grounds that the San Francisco-based company allegedly lied about the proportion of automated and spam accounts on its platform.
According to the document filed by Twitter on Thursday, the Tesla boss accuses the board of concealing the true share of inauthentic accounts, which he says is around 10% of daily active users and exposed to advertising. Twitter estimates it’s less than 5%.
The official documents filed by the platform with the US Securities and Exchange Commissioner “contain numerous material misstatements and omissions that distort the value of Twitter and have led Elon Musk to agree to buy the company at an inflated price,” assure the businessman’s lawyers.
Twitter’s strategy, they continue, was to “play hide and seek” to keep the buyer from “seeing the truth” for as long as possible.
Twitter replies 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, falling advertising revenue on social media (due to economic conditions) and public criticism from Elon Musk, Twitter’s stock had plummeted to around $32 on July 11. It was worth around $41 on Thursday.