Elon Musk is used to an unusual form of communication and an original way of life. It turns out that even a trial on Twitter will be quite unusual.
Elon Musk first became the majority shareholder of Twitter, then wanted to completely take over the company for $ 44 billion, then changed his mind. This is the shortest and easiest way to describe the events of recent months and the history of the largest (temporarily unsuccessful) takeover in recent history. However, the case does not end there, the company decided to go to court.
Elon Musk vs Twitter
The richest man in the world has long stated that he dreams of creating a social environment where freedom of speech will be the highest value. Sam has been extremely active on Twitter for many years, which has gotten him into a lot of trouble many times. Tesla shareholders openly asked for it and then legally sanctioned the restriction of its activities, as it hurts the company and affects its market value.
Musk decided to move from words to deeds and out of the blue made an offer to buy Twitter for an astronomical $44 billion. His terms were pretty simple. He demanded that the company’s management indicate the exact percentage of false, inactive and spam accounts on the portal. His goal was to reduce the number of so-called bots.
That’s what the whole deal was about. According to Elon Musk, Twitter officials shied away from giving him accurate data. In his opinion, this is key information that directly affects the company’s valuation.
Twitter sues Elon Musk
As a result of the insincerity of the company’s authorities, on July 9, Elon Musk announced that he was pulling out of one of the most famous deals of recent years. In his opinion, the company has not fulfilled a number of contractual obligations that were agreed in April. In response to Musk’s decision, Twitter officials decided to force the billionaire to complete the deal and took the case to court.
“It turned out that Musk believed that, unlike everyone else under Delaware contract law, he could change his mind with impunity, destroy the company, disrupt its operations, reduce the value of its shares and leave,” the lawsuit says.
In the lawsuit, the law firm presented a number of allegations against the billionaire. First of all, we are talking about undermining the company’s position on the stock exchange and the “secret” purchase of its shares without proper information about it. The list of accusations must be very long.
Elon Musk’s lawyers publicly responded to tweets
Interestingly, Elon Musk and his team have chosen a rather original form of protection. Lawyers have publicly responded to Twitter’s accusations. The letter says, among other things, that Musk’s team recalls Twitter’s violation of the main provisions of the preliminary agreement. The lawyers also conducted their own analysis of the number of fake accounts on the portal, using data provided by Twitter. An algorithm developed at Indiana University helped with this. However, the exact results of the analysis have not been made public.
However, Elon Musk said that, according to the analysis, in the first week of July, spam bots accounted for as much as 33 percent. of all visible accounts on the site and about 10 percent. the most active users. Twitter said it was only 5 percent. this group.
Source: Wprost
