TechnologyElon Musk plans to fight back against Twitter
The American billionaire, who is currently being sued by Twitter for renouncing to acquire the social network, is said to have filed a complaint against the company on Friday.
Elon Musk, who is being sued by Twitter for having renounced his commitment to acquire the social network, counter-attacked Friday by filing a complaint against Twitter in a Delaware court, says the “Wall Street Journal”. This complaint filed in a 164-page document in a “confidential” manner is not yet accessible to the public, according to an opinion from the Delaware Court of Chancery, a court specializing in business law, in charge of the file.
It is, however, expected to be made public soon, with court rules requiring Elon Musk to submit a public version of it, once redacted of any trade secrets or other sensitive information it may contain.
In what promises to be an escalation of legal battles, the Tesla boss filed his counter-suit shortly after the judge overseeing Twitter’s lawsuit decided on an Oct. 17 date for the start of hostilities. One of Elon Musk’s requests relates to the allegation that Twitter lied about its number of redeemable users after accepting his offer to buy, the newspaper understands.
Twitter already filed a complaint on July 12
Elon Musk had announced in April his intention to buy the social network for 44 billion dollars but had finally declared at the beginning of July that he was ending the agreement on the grounds that the San Francisco-based company had, according to him, lied about the proportion of automated and spam accounts on its platform. Twitter had filed a complaint on July 12 in a court in Delaware (northeast) to force the richest man in the world to honor his commitment to buy back.
The social network, which says less than 5% of its active users are inauthentic, is seeking to enforce the agreement or seek severance pay, estimated at $1 billion. Elon Musk had pledged to offer $54.20 per Twitter share.
But between the general decline in the stock market in recent months, the fall in advertising revenue which affects the social network and the criticism of the billionaire in the public square, the title of Twitter had quickly collapsed to fall to around 32 dollars on the 11 July, the day before his complaint against Elon Musk. It was trading at $41.61 on Friday.