Musk accuses the platform of misleading him, which she denies — RT in French

The legal battle between the billionaire and Twitter continues, the platform judging that Elon Musk was seeking to extract himself from the takeover agreement on the basis of false claims, concerning the proportion of fake accounts among users.

Twitter filed its response to Elon Musk’s complaint in court on August 4, giving a more precise idea of ​​the arguments of the multi-billionaire who is seeking to get out of the social network’s takeover agreement and accuses him of having ” thrown dust in the eyes”.

The claims of the boss of Tesla and SpaceX “are factually inaccurate, legally insufficient and commercially irrelevant. We can’t wait for the trial to take place.” tweeted Bret Taylor, chairman of the platform’s board of directors. In mid-July, Twitter sued Elon Musk in the Delaware Court of Chancery, a court specializing in business law, to force him to honor his acquisition commitment for $ 44 billion. The trial is due to start on October 17.

On August 5, the billionaire counterattacked with a “confidential” complaint. “According to Musk – the billionaire who has 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 network said. His lawyers assert that “it is an attempt to escape a contract that Musk no longer finds attractive since the stock market has fallen”.

Elon Musk approached Twitter in April, then signed a buyout deal for $54.20 a 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 on August 4 by Twitter, the Tesla boss accuses the board of directors of having concealed the true proportion of inauthentic accounts, which he says is around 10% of active users in the world. daily and exposed to advertising. Twitter estimates it to be less than 5%.

Twitter is playing ‘hide and seek’, say Elon Musk’s lawyers

The official documents filed by the platform with the American stock market policeman “contain numerous material misrepresentations and omissions which distort the value of Twitter and led Elon Musk to agree to buy the company at an inflated price”, assure for their part businessman lawyers. Twitter’s strategy, they continue, has been to “play hide and seek” to keep the buyer from “discerning the truth” for as long as possible. According to Twitter, the businessman rushed the negotiations and the deal never mentioned the fake accounts.

Between the general decline in the stock market in recent months, falling social media advertising revenue and public criticism from Elon Musk, Twitter’s stock had crashed to around $32 on July 11. It was worth around $41 on August 5.




RT

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