Elon Musk declared his intention to buy Twitter last spring, which caused the price of the company’s shares to skyrocket.
True, the opposite result occurred when the billionaire refused to purchase the social network: after suffering large losses, the service’s owners sued the inventor, compelling him to consummate the sale for $ 44 billion.
Following earlier agreements, the founder of Tesla Motors agreed to purchase out the majority of the business on one condition only.
Only if the process for confirming the legitimacy of accounts is made known to him will the richest person in the world become the owner of Twitter. But if it turns out that they lied, there won’t be a transaction, the businessman said, according to Reuters.
Remember how Musk allegedly accused the proprietors of the social network of lying while refusing to buy the business? Twitter has been holding off on giving the entrepreneur’s request for information for almost two months.
As a result, Musk has every reason to think that the actual number of fraudulent or spam accounts on the social network is substantially higher than the reported 5 percent, according to Musk’s lawyer.
However, a lawsuit ought to be filed to settle the dispute if the business’s owners continue to withhold corporate information from Elon. On October 17, the first hearing is expected to take place. Within five days, the matter is expected to be heard. On Twitter, the engineer has already posted a counterclaim.
On July 29, Musk filed a countersuit against Twitter, intensifying his legal battle with the social media firm over his request to back out of the $44 billion acquisition.
Twitter rejected Musk’s assertion that he was duped into signing the agreement to purchase the social media business on Thursday, calling it “highly improbable and contrary to fact.”