Twitter filed a lawsuit against Elon Musk after he decided to walk out of the $44 billion takeover deal
Washington:
Amid the ongoing court battle against Twitter, Tesla CEO Elon Musk said that “interaction with almost all Twitter accounts seems to be a lot less recently.” Musk wrote on Twitter on Thursday: “Interaction with almost all Twitter accounts seems to have been much lower over the past few weeks and days. Exactly?”
Interaction with almost all Twitter accounts seems to be much less in the past few weeks and days. Exactly?
— Elon Musk (@elonmusk) July 30, 2022
In another tweet, Musk added: “Tesla + Twitter -> Twizzler.”
Tesla + Twitter -> Twizzler
— Elon Musk (@elonmusk) July 30, 2022
Musk’s tweet received multiple comments.
One user wrote: “That’s right.”
However, there is one user who poked fun at Musk’s tweet, saying, “No, Elon. We’re just actively ignoring you.
A few days ago, the microblogging site filed a lawsuit against Musk after he decided to pull out of the $44 billion takeover deal.
Twitter filed a request to expedite the process, requesting a four-day trial in September. Musk’s legal team denied the request.
“Twitter is bringing this lawsuit to deter Musk from further violations, to compel Musk to comply with its legal obligations, and to compel the merger to go ahead upon satisfaction of the few outstanding conditions,” the social media site wrote in the lawsuit. The lawsuit marks the start of what could be a lengthy legal battle as Twitter seeks to keep Musk on his deal to pay $54.20 a share for the company.
Twitter, represented by M&A powerhouse law firm Wachtell, Lipton, Rosen & Katz, claimed Musk was seeking an exit from the deal that required a “material adverse effect” or a breach of contract.
“Musk had to try to summon one of these,” the lawsuit said. Musk announced the termination of a $44 billion Twitter purchase deal in a letter Musk’s team sent to Twitter in early July.
Musk decided to sit out the deal due to multiple breaches of the purchase agreement. In April, Musk reached an acquisition agreement with Twitter for $54.20 per share in a transaction valued at about $44 billion. However, Musk put the deal on hold in May so his team could verify Twitter’s claim that less than 5 percent of accounts on the platform are bots or spam.
Back in June, Musk had openly accused the microblogging site of violating the merger agreement and threatened to walk away and call off its acquisition of the social media company because it failed to provide the data it requested via spam and fake accounts.
Musk claimed that Twitter “actively opposes and thwarts his information rights” as set out in the agreement, CNN reported, citing the letter he sent to Twitter’s head of legal, policy and trust, Vijaya Gadde.
Musk asked Twitter to release information about its testing methods to back up its claims that bots and fake accounts make up less than 5 percent of the platform’s active user base, a number the company has regularly included in canned public disclosures for years.
(Except for the headline, this story was not edited by NDTV staff and was published by a syndicated feed.)