Elon Musk is urging Twitter to restart his takeover
Dimitrios Kambouris/Getty Images for The Met Museum/Vogue
On the verge of taking over Twitter, Elon Musk asked the social network to prove the proportion of fake accounts active there (archive photo taken in New York in May 2022).
TWITTER REDEMPTION – The soap opera is rebooting. This Saturday, August 6th, Elon Musk asked the head of Twitter to hold a public debate and prove the share of false accounts on the social network, an issue raised by the American multi-billionaire in order to withdraw his purchase offer and start a court case .
“If Twitter simply provides their method of testing 100 accounts and how they turned out to be legit, the deal should go ahead on the original terms,” Elon Musk tweeted on Saturday.
@Andst7 Good summary of the problem. If Twitter simply provides their method of sampling 100 accounts and like the… https://t.co/LANla7n2yr
— Elon Musk (@elonmusk)
“However, if their statements to the SEC (US Securities and Exchange Commission) are found to be materially false, that may not be the case,” he cautioned.
Litigation expected in October
Elon Musk had signed a $44 billion deal to buy the social network before unilaterally breaking it in early July. He believes Twitter lied about the percentage of automated accounts and spam on its platform, even claiming that the social network “cheated” by intentionally increasing the number of monetizable accounts.
“I urge Parag Agrawal (CEO of Twitter) to publicly discuss the percentage of fake accounts on Twitter,” the quirky Tesla CEO also tweeted. “Let it prove to the public that Twitter has less than 5% fake or unwanted users every day,” he added.
Now a lawsuit is going on. A trial is scheduled to open on October 17 in the Delaware Court of Chancery, a court specializing in business law, and will last five days.
Twitter has actually sued the richest man in the world to force him to keep his promise. The latter countered with a lawsuit in the same court, asking the court to release him from the agreement and to order Twitter to pay damages. Before that, Twitter shareholders will meet on September 13 to approve or not this acquisition, which would represent significant shareholder value.
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