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Wednesday, August 17, 2022

Twitter asks judge to force Musk to complete purchase

Twitter filed a motion to force Elon Musk to buy the social media giant from a court seeking an expedited hearing on its lawsuit, saying the passing of every day only hurts the company further.

“This very public controversy continues to damage Twitter with each passing day,” Twitter said in the filing on Monday. “By using the company’s own platform as a megaphone to humiliate it amplifies this damage,” Musk said.

“Millions of Twitter shares trade daily under a cloud of Musk-created skepticism,” Twitter continued. “No public company of this size and scale has ever had to endure these uncertainties.”

Twitter sued Musk last week, hoping he would be forced to complete a $44 billion acquisition. The company expects to hear the matter in September, allowing a judge to rule before the debt financing deal ends in April.

The filing comes a day before a judge in Delaware Chancery Court prepares to hear the case live.

Musk initially offered to buy Twitter in April against the wishes of the company’s board, but the body eventually reconsidered. Shortly after Musk’s main source of wealth, including Tesla’s stock, financial markets began to plummet and he began to dampen his enthusiasm about the purchase.

Musk’s team later asked Twitter for information about spam accounts, which the social media company provided as part of its data “fire hose.” But the billionaire said in July that he would back down from the deal, saying Twitter had not provided enough information about the proliferation of such accounts, citing “material violations of several provisions” of the deal.

Twitter dismissed that claim, filing a lawsuit to force the deal to go ahead, saying it believed Musk wanted to back out of the deal due to falling market conditions. The company has long said that it believes about 5% of the accounts on its platform are fake.

“Musk gives no reason to think that the search should be so detailed that a trial should wait until next year,” Twitter wrote in the motion on Monday. The company said Musk’s focus on bots and spam accounts was merely a “bias” to allow it to delay the litigation.

Musk has dismissed calls for an expedited trial, with his lawyers saying the reality behind the site’s spam accounts is “fundamental to the value of Twitter.” His team has proposed a date of February instead.

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World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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