Elon Musk fights back against Twitter in court

Posted on Jul 31, 2022 at 2:37 PMUpdated on August 1, 2022 at 7:42

Action reaction. Elon Musk’s response to the legal war between him and Twitter will not have been long in coming. The sprightly boss of Tesla has just filed a complaint against the microblogging site which had itself sued him in mid-July. The reason ? The multi-billionaire has given up on completing its $44 billion acquisition of the blue bird firm.

In the 164-page document (still confidential for the time being), filed with the Delaware Court of Chancery (a court specializing in business law) in charge of the case, Elon Musk maintains his line of defense and argues that Twitter is lying about its attendance figures, purposely concealing the number of false accounts, understands the “Wall Street Journal”.

In detail, he thus argues that the microblogging site overestimates the number of monetizable active users – that is to say able to be exposed to advertising on the platform -, a key indicator for the group and very followed by Wall Street.

The trial will start on October 17

For its part, Twitter claims that less than 5% of its active users are fake accounts. With its complaint, the social media is seeking to compel Elon Musk to honor his buyout commitment, or at least to obtain the amount of severance compensation, which can go up to 1 billion dollars, according to the terms of the contract initially ratified by the two parts.

“After putting on a public show to get Twitter to consider his offer […] Musk apparently believes he has the right […] to change their minds, demolish the company’s reputation, disrupt its operations, destroy shareholder value and walk away,” Twitter lawyers argued nearly three years ago. weeks. The trial promises to be electric between the two camps. The start of hostilities has just been set for October 17 and the trial will last five days.

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