Twitter deal to go ahead if firm provides proof of real accounts, says Elon Musk
Elon Musk said his planned $44 billion takeover of Twitter should move forward if the company can confirm some details about how it measures whether user accounts are spam bots or real people.
FollowElon Musk stated that his $44 billion acquisition of Twitter should proceed if the business can disclose specifics of how it determines whether user accounts are owned by spam bots or actual individuals. The social networking business was forced to file a lawsuit against the billionaire CEO of Tesla last month after he tried to renege on his April purchase deal.
Musk countersued, alleging that Twitter had misled his team about the size of its user base and other issues that amounted to contract fraud and fraud by false representation. Both parties are preparing for a trial in a Delaware court in October. Musk tweeted that the sale should go forward under the original conditions if Twitter merely explains how it samples 100 accounts and determines which ones are authentic. But it shouldn't if it turns out that their SEC filings are demonstrably untrue.
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Less than 5% of user accounts, with a caveat that this number might be higher, are believed to be false or spam, according to the company's estimates, which it has routinely provided to the Securities and Exchange Commission. When Musk agreed to the April merger deal, he gave up his right to additional due diligence.
Because market circumstances have worsened and the purchase no longer fits Musk's interests, Twitter has contended in court that Musk is consciously attempting to kill the transaction. His counterclaims are characterised as an invented tale that is incompatible with the facts and common sense in a court document filed on Thursday.
According to company lawyers, Musk fabricates promises Twitter never made and then tries to use, selectively, the vast amount of sensitive information Twitter gave him to create a violation of those ostensible promises.
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