Musk said last week that he was canceling the Twitter deals, claiming that he had not been provided with the necessary information.
A long legal battle can await Musk. PDO
Twitter makes good on its threat to take out the billionaire Elon Musk’s to the court after he announced that he was canceling the 44 billion dollar deal for the social service. Reported about it Cnet.
Musk’s representatives filed a letter with Twitter last week saying Musk was pulling out of the deals because the number of fake accounts reported by Twitter was not believed to be credible. According to Musk, Twitter has not provided enough information about the company’s operations, which is why Musk has the right to cancel the deals.
In the spring, Twitter estimated that less than five percent of Twitter’s 229 million daily users are bot accounts. Musk has claimed the number is much higher.
There may be a long and complicated legal battle in the information, where a giant company sues the world’s richest man. Twitter accuses Musk of breaching the contract and has described the billionaire’s actions as hypocritical.
In addition, Twitter mentions that the value of Musk’s Tesla holdings has fallen by $100 billion from its peak in November 2021, which is seen as the reason why Musk wants to withdraw from the deals.
– Musk apparently believes that he – unlike all other parties under Delaware contract law – is free to change his mind, wreck the company, disrupt its operations, destroy shareholder value and walk away, in the suit it is said.
Twitter says that Musk made unreasonable requests for additional information, which, according to the socialite, were intended to give Musk a reason to withdraw from the deals. In the lawsuit, Twitter describes Musk’s actions in the case as a “complicated joke.”