The tech mogul surprisingly announced last week that he was resuming the purchase of the social network after being sued by it.
Tesla founder and CEO Elon Musk is under investigation by US authorities in connection with his failed attempt to take over the Twitter company, an operation the technology mogul now plans to resume, forced by circumstances and fears of effects. acts that are clearly detrimental to him and his assets.
Attorneys for the well-known social network announced on Thursday that the billionaire is the subject of a formal investigation by the administration over Musk’s stance in said financial operation, according to the Bloomberg agency and collected by Europa Press. “Elon Musk is under investigation by federal authorities for his conduct in connection with the Twitter acquisition,” the attorneys wrote in an Oct. 6 filing.
The legal representatives of this company have asked the court that is suing the tycoon for “breach of contract” to grant them access to the documents provided by Musk. “He has exchanged substantive correspondence with those authorities about their investigations through counsel. Twitter wants those documents because they deal with core issues in this lawsuit,” the social network’s lawyers said.
On October 4, things took a new turn when it was revealed that the billionaire had finally decided to acquire the digital company for the price of the original agreement reached in April, despite having started a fierce battle with it. because of the number of accounts false that the network would really have. In this way, the purchase process, valued at 44,000 million dollars (42,156 million euros) with a price of 54.20 euros per share, continues.
With this change in strategy, Musk tried to avoid going through the trial slated for less than two weeks in the Twitter lawsuit. In any case, since April, Musk has been suing the social networking board for the exact number of “bots” there are and how the company should monitor those accounts. According to the social network, these do not exceed 5% of the total number of users, but for the billionaire, in reality, this figure could rise to 20%.
Therefore, after multiple warnings, the tycoon decided in May 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, which was interested in continuing the operation, finally agreed to provide all the information about accounts and tweets registered on the platform since it began its journey 16 years ago. In other words, 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.
