The tycoon assured that he was misled during the company’s purchase process because he was not given enough information about the number of active fake accounts
Twitter this Thursday described the counterclaim by Tesla founder and CEO Elon Musk as “factually false” and “legally insufficient,” under the legal battle over the purchase agreement abandoned by the tycoon.
“Musk simultaneously and inconsistently alleges that Twitter violated the merger agreement by obstructing its requests for information (…) The counterclaims are objectively false, legally deficient and commercially irrelevant,” the social network’s chairman, Bret Taylor, said in a statement. statement that ‘The Hill’ has had access to.
Thus, the company has rejected the tycoon’s argument, which alleged that it was misled during the purchase process because it allegedly failed to receive certain information it had requested from Twitter about the number of active fake accounts and how to monitor them.
Twitter’s legal team has maintained that such an interpretation “was conceived in an effort to escape a merger agreement that Musk no longer found attractive as the stock market . . . fell in value,” the Axios reports.
The tycoon’s counterclaim, filed by his legal advisers, noted as “probable” that Twitter changed the number of daily active users from which it can earn money before finalizing the agreement between the two parties, which reduced the social network’s purchase price. would have changed.
For this reason, and because of the alleged lack of response to Musk’s request for information, the Tesla founder assured that the company would have breached his agreement, worth more than $44,000 million (€43,620 million).
In mid-May, the tycoon had decided to temporarily suspend Twitter’s purchase, agreed in late April, pending details that would support the company’s calculation that fake accounts represent less than five percent of users.
Then, through a letter sent by Musk’s lawyers to the U.S. Securities Market Commission (SEC) in early June, the billionaire’s legal team deemed Twitter’s position a “substantial infringement.”
Finally, on July 9, the tycoon informed the company of his decision to waive the purchase contract, sparking a legal dispute between the two parties.
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.
