Twitter sues Elon Musk to force takeover

The legal battle continues. Twitter filed lawsuits Tuesday, July 12 against Elon Musk to force the Tesla chief to keep his commitment to buy the social network on terms agreed at the end of April that the California group estimated at $44 billion ($44 billion). euro). euro).

A judge from a court specialized in business law, in Delaware (eastern United States), will have to decide whether the billionaire can terminate the takeover agreement that provides for compensation.

Read also: This article is reserved for our subscribers After Elon Musk announced his refusal to buy Twitter, the impression of a big mess

Musk refuses to honor his commitments to Twitter and its shareholders because the agreement he signed no longer serves his personal interests.Is it written in the complaint from Twitter.

The head of Tesla and the founder of SpaceX said on Friday, July 8, in a document sent to the authorities of the US stock market, that he refused to buy the social network Twitter, accusing the company of providing data. “false and misleading” On the number of fake or inactive accounts.

Twitter has reiterated in recent weeks that the number of fake accounts on its platform is less than 5%. The billionaire and his team believe the network is lying and affecting the viability of his business – and thus the value of the company.

Having staged a public spectacle to put Twitter to the test, and having offered and then signed a seller-friendly deal, Musk appears to believe that – unlike all other parties subject to Delaware Contracts Act – he is free to change his mind. Notice, discredit the company and disrupt its business. destroying the value of its shares and moving away.”attacks the document.

musk Accused behaving in bad faith

Despite his enormous personal wealth, the billionaire had to put together a complex financial package to try to acquire Twitter, based on large loans secured on Tesla shares in particular. However, the value of these securities plummeted after the announcement of the Twitter takeover bid, and investors considered that the automaker would not be Mr. Musk’s priority if he bought the social network.

Read also: Twitter defends its strategy, and Musk reiterates that the takeover of the social network cannot be done without a guarantee on fake accounts

Twitter accuses Elon Musk of acting in bad faith, accusing him of requesting information about the company in order to later accuse him of providing “misrepresentations” on their activities to regulators and investors.

He claimed to be “suspending” the deal pending fulfillment of fictitious terms, and failed in his commitment to find financing (…)She violated her discretionary duty [et] Confidential information has been used for improper purposes.”Clarifies the complaint.

Elon Musk “He has been acting against this agreement since the market started to shift, and he has violated the agreement multiple times in the process.”, it is also written. For the social network, Elon Musk’s tactic is a Hypocrisy model. As soon as the stock market goes down, the American company notices that Musk changed his account, suddenly asking to ‘verify’ that spam wasn’t a serious problem on the Twitter platform.

For communion with the blue bird, Musk’s behavior simply underscores that he wants to get out of a freely signed contract, and hurts Twitter at the same time..

“Oh ironic lol”And the Elon Musk responded on Twitter on Tuesday.

Twitter stock rebounded on Wall Street

Read also: This article is reserved for our subscribers In his administration, Elon Musk has never acted like his peers at Big Tech.

The takeover project sparked strong reactions among Twitter employees, most of whom were critical of a potential new owner who on several occasions denounced the social network as leaning too much to the left. A self-proclaimed liberal, Musk is one of the few Silicon Valley presidents – but now a resident of Texas – who has supported, in part, Donald Trump.

On Friday, the platform’s chairman, Brett Taylor, warned that CA is too Determined to complete the transaction at the agreed price and terms. It intends to prevail in court. Elon Musk doubled down on attacks and mockery against the network, which has more than 100 million subscribers.

On Monday, he posted a photo with four pictures of himself, hilarious, with the following caption: “They said I can’t buy Twitter. Then they refused to reveal the fake account information. Now they want to force me to take Twitter in court. Now they have to reveal the fake account information.”

Twitter’s complaint alleges that the company “He has suffered and will continue to suffer irreparable harm.” After Elon Musk’s contract violations, which “cast a shadow over Twitter and its activities”.

After hitting four-month lows on Wall Street on Monday, Twitter made a rebound on Tuesday (+4.32% to $34.06).

Read also: This article is reserved for our subscribers “Only gullible people think that defending freedom of expression is the only motivation for Elon Musk to buy Twitter.”

Le Monde with the Associated Press and Agence France-Presse

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