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Elon Musk lashes out at Twitter: ‘Playing hide and seek with takeover deal’ | Financial

Musk’s arguments to abort the deal were revealed in counterclaims filed under seal in a Delaware court. Twitter has misled investors and the US Securities and Exchange Commission, Musk says.

According to him, the company “franticly closed its gates to information in a desperate attempt to prevent Musk from discovering the fraud,” Bloomberg news agency reported.

Musk agreed in April to take Twitter off the stock market for $44 billion but has withdrawn its takeover offer. The Tesla CEO accused Twitter of misleading statements about the number of fake accounts. The riot has since grown into a major legal battle. Twitter wants the judge to force Musk to still fulfill the agreements about the acquisition, while Musk believes the company has committed a breach of contract.

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Twitter finds the idea that Musk, backed by a team of lawyers and financial advisers, was tricked into being “unbelievable and inconsistent with the facts.” According to the company, Musk made up a story “to escape the takeover he no longer found attractive as the stock market and with it his vast personal wealth fell in value.”

Twitter also disputes Musk’s claim that he has the right to walk away from the deal if the number of fake accounts on the messaging platform are found to be incorrect, as he didn’t ask about these accounts before agreeing to the deal. Instead, he waived further due diligence and gave Twitter 24 hours to accept his takeover offer before submitting it directly to Twitter shareholders.

“Twitter has complied with the agreement in all respects,” the company says in the documents filed with the court. Musk’s counterclaims, which are based on distortion, misrepresentation and outright deception, don’t change anything. The Delaware court will hear the case in October.

Elon Musk lashes out at Twitter: ‘Playing hide and seek with takeover deal’ | Financial
Source link Elon Musk lashes out at Twitter: ‘Playing hide and seek with takeover deal’ | Financial

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