“Elon Musk’s exit strategy is a model of hypocrisy” and a “model of bad faith,” say Twitter attorneys who appear determined to fight back. The American platform took legal action on Tuesday to force Elon Musk to buy the social network on terms agreed at the end of April with the Tesla boss, who values the Californian group at $44 billion.
Also read: Pushed back by Musk, Twitter falls to Wall Street and gets itself into legal battle order
A judge of a court specializing in business law in the state of Delaware (eastern United States) must therefore decide whether the multi-billionaire can terminate the acquisition agreement free of charge or not. The latter provides for a severance payment of one billion dollars, which Elon Musk apparently does not want to pay as things stand.
“Having made quite a show of targeting Twitter, and after proposing and then signing a merger deal, Musk seems to think he’s free — unlike any party involved in a contract under the law.” of Delaware — to change your mind and defame the company, go out of business, destroy its stock value and wash your hands off it,” they allege in a court document presented to the court. AFP.
Musk’s behavior aimed at ‘harming Twitter’
The quirky entrepreneur rose to fame in the Twitter capital earlier this year, before announcing his intention to buy the platform, which he says is too “censored”, in the interests of democracy.
To justify his unilateral decision Friday to terminate the agreement, his attorneys asserted that Twitter failed to provide all requested information on inauthentic accounts active on the network and minimized the number of spam messages.
But for Blue Bird, “Musk’s behavior simply confirms that he wanted out of a contract he freely signed while also trying to harm Twitter.”
Also read: The four lessons from the Elon Musk Twitter fiasco
“Oh the irony lol,” Elon Musk responded on Twitter on Tuesday. On Monday, he posted a four-photograph of himself, hilariously, with this caption: “They said I can’t buy Twitter. Then they refused to reveal the fake account information. Now they want to force me to take over Twitter in court. Now they are forced to reveal information about fake accounts.
Advantage for Twitter in legal arguments
In recent months, the richest man in the world has increasingly attacked and ridiculed the network, which is followed by more than 100 million people. He sharply criticized the content moderation policy and publicly mocked some executives.
At the height of the dispute over the number of inauthentic accounts, he used a poop emoji against arguments from Twitter boss Parag Agrawal. “He claimed to ‘suspend’ the agreement while waiting for imaginary conditions to be met, failed in his obligation to find financing (…) violated his duty of restraint (and) misused confidential information,” list the company’s lawyers.
Elon Musk “did not commit the funds necessary to complete the acquisition,” they add. “Twitter has suffered irreparable harm from these violations and will continue to do so.”
On Friday, the chairman of the platform’s Board of Directors (CA), Bret Taylor, had warned that the CA was “determined to complete the transaction at the agreed price and terms” and intended to prevail in court.
Also read: Elon Musk vs. Twitter, (possible) end of story
“There’s a whole range of possible outcomes: a negotiated settlement between the parties to avoid litigation, payment of a settlement, enforcement of the contract, and myriad other possibilities,” analyst Dan Ives noted Tuesday. Various business law experts agree to give Twitter the legal advantage, but believe that whatever the outcome, the social network will suffer permanently from this case.
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