The company sued the richest man in the world after he refused to abide by the agreement reached in April
New twist in Elon Musk’s purchase of Twitter. The billionaire will eventually acquire the social network for the price of the original deal after an intense battle with the company over the number of fake accounts. In this way, the purchase process, valued at $44,000 million (EUR 42,156 million), EUR 54.20 per share, continues after the company decided to sue the co-owner of Tesla for breach of contract by canceling the agreement reached in April.
As soon as the news broke, reported by Bloomberg, the company’s shares shot up 12% on Wall Street before the SEC, the US markets regulator, suspended its listing. With this new move, another one of the tycoon, who, according to the portal, announced his intention in a letter to Twitter, Musk should not have to undergo the trial that is scheduled for less than two weeks after he gave up continuing the process. of purchase by not receiving a response about the number of fake accounts inhabiting the social network.
And it’s that since the richest man in the world announced his intention to take over the company, he’s sued the social network’s board for the exact number of “bots” there are and the way the company should monitor these accounts. According to the company, these do not exceed 5% of the total number of users, but for the billionaire, as reported on Twitter, this figure could rise to 20%.
It was for this reason that after several notifications in May, the tycoon decided to temporarily suspend the purchase. A few days later, after failing to receive the requested information, Musk’s legal team accused the social network of a “substantial breach” of its obligations under the merger agreement.
For this reason, Twitter, interested in continuing the operation, agreed to provide all information from accounts and tweets registered on the platform since it began its journey 16 years ago. That is, an amount of information that is very difficult to verify because of the large amount of data. Specifically, according to the lawsuit, the social network estimates that it got about 49 terabytes of information. A decision that didn’t please the tycoon and can now be expensive by having to go back to the original deal if he doesn’t want to go to court.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
