In the latest swap of legal fire, Twitter dismissed billionaire Elon Musk’s new claims that whistleblowers’ claims about the company give him a reason to abandon its $ 44 billion acquisition proposal.
Twitter attorney William Savitt called Musk’s latest statement “false and incorrect,” citing Musk’s attempt in July.
Musk, Tesla’s CEO and founder of SpaceX, offered to buy Twitter last April, but the transaction was stalled from the start. Musk has escalated his frequent criticism of the social media company and it appears a legal battle has ensued. The parties will go to trial in October.
The merger agreement sets the purchase price at $ 54.20 per share. Shares of Twitter fell to $ 39.90 in early trading today. The board of directors of the company searched for alternative offers from Musk, but found nothing, so the idea of the evaporation of Musk’s offer is a doomsday scenario for Twitter.
In his latest attempt to invalidate the transaction, Musk’s legal team pointed to claims by whistleblower Peter Zatko, a former Twitter security executive who recently raised allegations of wrongdoing by Twitter on its platform. Musk has long criticized Twitter for hosting too many fake accounts and bots. Twitter responded that it understands that the number of fake accounts is less than 5% of the total number of accounts. But Musk sees the bot problem as a problem, and Zatko is being sued to testify at the trial.
Zatko’s whistleblower complaint “alleges widespread misconduct on Twitter, which has all been disclosed to Twitter directors and senior executives, including [CEO] Parag Agrawal, Musk’s lawyers wrote in a letter to Twitter, this is likely to have serious consequences for Twitter’s business.
Musk’s claims, according to Savitt, “are based solely on statements made by a third party which, as previously stated by Twitter, are full of inconsistencies and inaccuracies and lack meaningful context.” Contrary to your letter, Twitter has not violated any of its representations or obligations under the Agreement. “The company, adds Savitt,” intends to execute the agreement and close the transaction at a price and terms agreed upon by the parties. by Musk “.
A five-day trial is scheduled for October 17 in the Delaware Chancellery Court. In a separate court filing today, Musk’s lawyers also asked to postpone the trial until November, but the court has yet to rule on the motion.
Source: Deadline
Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
