TWITTER HAS DENIED MUSK’S CLAIM THAT IT WAS A HOAX

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Twitter Inc. on Thursday rejected Elon Musk’s claim, filed in a Delaware court, that he was misled into signing a deal to buy the social media company, saying it was implausible and It is the opposite of reality.

Musk made the claims in a countersuit he filed under seal last Friday, which was made public Thursday.

“According to Musk, he, the billionaire founder of several companies who were advised by Wall Street bankers and lawyers, was tricked by Twitter into signing a $44 billion merger deal. That story is far from over. And is contradictory.” ” said the presentation posted by Twitter on Thursday.

Twitter’s filing is the latest salvo in what is turning into a major legal battle. Between the world’s richest man and the social media giant.

The San Francisco-based company is pushing to resolve months of uncertainty over. Its fate as Musk tries to walk away from a deal he says misrepresented fake accounts by Twitter.

Musk, chief executive of electric car company Tesla Inc, offered to buy Twitter for $54.20 a share in April, saying he believed in its potential as a global platform for free speech.

But it backfired on Twitter as its share price fell short of its takeover bid and it began raising suspicions that bots and spam accounts accounted for less than 5% of users.

Musk tried to withdraw on July 8 without paying the $1 billion breakup fee, stating that Twitter had not provided details about the bot and spam accounts. Twitter sued him four days later.

The company accused Musk of sabotaging the deal. Because it no longer served its interests and overshadowed its work and hurt shareholders.

 

The Trial Will Be Held On October 17

Earlier this week, Twitter issued dozens of subpoenas to banks. Investors and law firms that supported Musk’s takeover bid. While Musk also criticized Twitter advisers from Goldman Sachs and JP Morgan for their work. Issued sub-notices for

Legal experts have said Twitter’s requests suggested the company wanted to know why Musk turned against it. Or that it reneged on its responsibility to secure enough funding.

A representative for Musk did not immediately respond to a request for comment.

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