First date given for lawsuit between Twitter and Elon Musk
Elon Muskwhich has been on the agenda for a long time recently twitter canceled the purchase, and was sued over it.
In line with the official decision twitter and Elon Musk first hearing for the case between October per month will be held. Musk and his team have previously He asked to be postponed to 2023. however, this situation was not accepted so that the process could not be prolonged. A five-day hearing is reportedly scheduled for October, with both sides hearing in detail. The result of this, of course, is already very curious. So why this lawsuit? For those who still don’t know, let’s summarize once again:
Elon Musk, bought the Twitter platform on paper for $ 44 billion in the past months and adjusted the money for it, but the sale was not made official. Normally this was expected towards the end of the year. However, Musk, who made a surprise announcement last month, Twitter deal is temporarily suspended and whether spam/fake accounts really represent less than 5 percent of users announced that it is awaiting verification. This verification has not come fully. CEO of Twitter Parag Agrawal Some statements were made by Musk last month, but they did not please Musk.
According to the accounts, more than 20 percent of Twitter fake / spam / bot It consists of accounts and Musk believes it, although he has no proof of it. “Parag Agrawal confirmed the 5 percent figure with his statements.” said Musk on Twitter, “The agreement will not proceed this way without proof.” and once again expressed his opinion clearly.
Later, Elon Musk’s lawyer made an SEC-based statement. “This (Bot status) is a blatant breach of Twitter’s obligations under the merger agreement, and Elon Musk the right not to complete the transaction and the right to terminate the merger agreement. reserves all rights arising from it, including he said. After that Elon Musk has given up on buying Twitter.
Twitter side on top of that stated that they will take some legal steps to make the sale over $44 billion. and for that “Wachtell, Lipton, Rosen & Katz LLP” Turns out he had an agreement with the company. The company, which made a statement on this subject, It said they found Musk’s withdrawal from the deal “invalid and wrong”. Musk, who has damaged Twitter in many ways with these moves, is now officially sued for abandoning his decision. for Musk “I think he’ll walk away by disparaging the company, disrupting operations, destroying stock value. thought” it was said.
“Wachtell, Lipton, Rosen & Katz LLP” legally, Musk Will try to force him to buy Twitteralthough it cannot do this, it is a great financial penalty will run after you. Seeing this as a great irony, Musk will of course take the process as far as it goes at the legal level with his huge financial power.