Crime & Justice

Twitter says Musk is harming its interests with each passing day

Washington, Jul 19 (EFE).- Twitter said Monday before the courts that billionaire Elon Musk is damaging its interests with each passing day, adding that the trial between both parties should be held “as soon as possible” to avoid further damage.

In documents filed with the Wilmington Court handling the case in the United States, the firm accused Musk of using tactics “calculated to complicate and obfuscate” the process and of “expanding” the damage caused by using the social network itself to attack the company.

“Millions of Twitter shares are traded on the market every day under a cloud of doubts created by Elon Musk. Never has a company of this size and scale been subject to these uncertainties,” the social network’s lawyers said.

Musk asked the commercial court Friday to act without haste in the legal battle opened by Twitter to force him to buy the company for the $44 billion they agreed on.

Through his lawyers, the billionaire formally responded to a Twitter request for an “expedited” process to be resolved in a September trial, saying there is no reason to “rush.”

Musk’s legal team said the “dispute over fake and spam accounts is fundamental to the value of Twitter.”

The billionaire wants a trial not before Feb. 13 and said the financing he has for the operation is valid until April 2023.

The judge handling the case, Kathaleen McCormick, scheduled a hearing for Tuesday in Wilmington, according to local media reports.

The Tesla founder notified the US stock market regulator a week ago of his intention to cancel the purchase of Twitter that both parties agreed to in April, arguing that the platform deceived him and did not give him the data he requested.

He was referring, above all, to data on the number of false accounts present on the platform, which the company puts at about 5 percent but which he considers an underestimate.

Twitter complied Tuesday with its threat of a legal battle and denounced the businessman in the Delaware Court of Chancery, which has commercial disputes, to demand that he continue with the purchase.

In its complaint, the company accused Musk of disqualifying it, altering its operations, reducing value for its shareholders and other “contract loopholes” that have tarnished its business.

Twitter’s board of directors accepted Musk’s takeover offer at the end of April at $54.20 per share, a significant premium over the then and current stock price. EFE


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