Elon Musk Making Up Excuses To Evade Buyout Deal -Twitter
Twitter has refuted claims alleging that Tech Billionaire, Elon Musk was enticed into consenting to the $44 billion buyout deal of the social media platform.
Twitter on Thursday denied the allegations brought forward by Musk as the billionaire turns down the deal they had in April to purchase twitter.
Musk proposed Twitter’s board with a $54.20 per-share offer. However, in July, he declared he was terminating the arrangement as the company had deceived him with its record of fake and spam accounts.
Twitter said: “According to Musk, he – the billionaire founder of multiple companies, advised by Wall Street bankers and lawyers – was hoodwinked by Twitter into signing a $44 billion merger agreement,”
“That story is as implausible and contrary to the fact as it sounds.”
Channels TV reports that last week, Musk filed a countersuit along side a legal defense against Twitter’s claim that the billionaire is contractually bound to complete the takeover deal.
“The counterclaims are a made-for-litigation tale that is contradicted by the evidence and common sense,” Twitter argued.
Nexus news gathered that Twitter, whose stock price closed at $41.06 on Thursday, has stuck by its estimates that less than 5 percent of the activity on the platform is due to software “bots” rather than people.
Twitter told the court that Musk’s claim that the false account figure tops 10 percent is “untenable.”
The company also disputed Musk’s assertion that he has the right to walk away from the deal if Twitter’s bot count is found to be wrong since he didn’t ask anything about bots when he made the buyout offer.
“Musk forwent all due diligence – giving Twitter twenty-four hours to accept his take-it-or-leave-it offer before he would present it directly to Twitter’s stockholders,” the filing said.
The company condemned Musk for fabricating a story to evade a merger agreement that he no longer found desirable.
“Twitter has complied in every respect with the merger agreement,” the company said in the filing made to Chancery Court in the state of Delaware.
“Musk’s counterclaims, based as they are on distortion, misrepresentation, and outright deception, change nothing.”
The social media platform has urged shareholders to endorse the deal, setting a vote on the merger for September 13.
“We are committed to closing the merger on the price and terms agreed upon with Mr. Musk,” Twitter chief executive Parag Agrawal and board chairman Bret Taylor said in a letter to investors.
Twitter’s lawsuit against Musk has been slated for October 17, 2022.
