“According to Musk, who is the billionaire founder of several companies that are advised by Wall Street bankers and lawyers, he was tricked by Twitter into signing a deal to buy it for $44 billion. This story is absurd and inconsistent with the facts,” the court document states.
Twitter Inc declined yesterday, Thursday Elon Musk’s claims in a Delaware court that he was deceived signing an agreement to acquire the said social networking platform, claiming that these claims are absurd and contrary to reality.
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 tricked by Twitter into signing a deal to buy it for $44 billion. This story is absurd and contradicts the facts”says the court document released yesterday by Twitter.
THE filing court documents by Twitter 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 networking platform.
Twitter, which is headquartered in San Francisco, practices pressures to end a period of uncertainty which has been going on for months over its fate, as Musk tries to walk away from the buyout deal, claiming that 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 free speech platform.
However, his intentions changed when the company’s stock price fell, compared to their price under the purchase 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 expected 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, bringing the company into disrepute 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.
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