Twitter Inc on Thursday rejected Elon Musk’s claims in a Delaware court that he was tricked into signing a deal to buy the social networking platform, saying the claims are absurd and untrue.
Musk made the above claims in a lawsuit he filed last Friday and which was made public yesterday.
“According to Musk, who is the billionaire founder of several companies that have Wall Street bankers and lawyers as advisors, he was duped by Twitter into signing a deal to buy it for $44 billion. This story is absurd and contradictory as to the facts,” according to a court document released yesterday by Twitter.
Twitter’s filing of court documents is the latest episode in what is shaping up to be a very serious legal battle between the world’s richest man and the aforementioned social media platform.
San Francisco-based Twitter is pushing to end a months-long period of uncertainty over its fate as Musk tries to walk away from the takeover deal, claiming it was misled about fictitious user profiles. of the mentioned social networking platform.
Musk, chief executive of electric vehicle maker Tesla Inc, offered to buy Twitter for $54.20 a share in April, saying he believed in its potential to evolve into a global platform for free speech.
However, his intentions changed when the price of the company’s shares fell, compared to their price under the buyout agreement. So Musk began to express skepticism about the company’s position that fictitious user accounts represent less than 5% of its total users.
Musk sought to back out of the deal on July 8 without paying the $1 billion required for such a development, citing Twitter’s failure to provide details about the fictitious accounts.
Twitter filed a lawsuit against him four days later.
The company accused Musk of undermining the deal because it no longer served his interests, discrediting the company’s operations and hurting its shareholders.
A trial has been scheduled for this case, which will take place on October 17.
A spokesman for Musk did not immediately respond to a request for comment.
SOURCE: APE-ME
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
