Twitter accuses Elon Musk of harming his interests after the inconclusive purchase of the social network

A new chapter was fought this Monday in the battle between Twitter and Elon Musk, for the unfinished purchase of the social network by the South African billionaire. The company filed a court case that the tycoon, owner of Tesla and SpaceX, is harming your interests every day that passed and insisted that the trial between the two sides be held “as soon as possible” to avoid further damage.

He did so through documents filed with Wilmington Court (Delaware, USA), which is handling the case. There, Twitter targeted Musk use tactics “calculated to complicate and obfuscate” the process and to “widen” the damage caused by using the social network itself as a megaphone to attack the company.

“Millions of Twitter shares are traded on the market every day under a cloud of doubt created by Elon Musk. Never before has a company of this size and scale been subjected to these uncertainties.“, underlined the lawyers of the social network firm.

Twitter Inc sued Elon Musk on Tuesday for violating a $ 44 billion settlement to purchase the social media platform and asked a Delaware court to order the richest person in the world to complete the merger.

“After organizing a public show to bring Twitter into play, and proposing and then signing a favorable supplier merger agreement, Musk apparently believes that he, unlike any other party subject to Delaware contract law, is free to change. idea, destroy the company, shut down its operations, destroy shareholder value and walk away, “the company said in its court statement.

On Friday, Musk, who responded to the lawsuit with a meme of himself, said he would be withdrawing from the deal because Twitter violated the deal by not responding to inquiries about fake accounts or spam on the platforms, which is critical. for its business performance.

The reverse route could cost the tycoon nearly a billion dollars. This has to do with the agreement the parties had signed into the United States Securities and Exchange Commission (SEC).

That same day, at the last minute, in a document sent by Musk’s attorneys to the Twitter Legal Department and published by the US Securities Market Commission (SEC), the billionaire unilaterally canceled the acquisition claiming that the tech company violated terms of the agreement.

Not just that. In addition, Musk has asked the commercial court where the legal battle will take place to act without haste. Through his lawyers, the billionaire formally responded to a Twitter request for a “fast track” to be resolved in a trial in September, arguing that there is no reason to “rush”.

Elon Musk started the conflict

The billionaire claims a trial no earlier than February 13, 2023 and points out that the financing he has for the operation is valid until April of the same year.

The judge handling the case, Kathaleen McCormick, The hearing has been set for next Tuesday in Wilmington, according to local media.

Twitter’s board of directors accepted Musk’s bid for $ 44 billion at the end of April, $ 54.20 per share, which was a significant premium over the then and current share price.

“We are sure to win at the Delaware Court of Chancery,” added Twitter president Bret Taylor, who is relying on that big trade dispute court to enforce the agreement and could seek financial compensation for the dealers. damage.

With information from EFE.

IT