It's official.
Twitter launched lawsuits against Elon Musk on Tuesday to force the boss of Tesla and Space X to keep his commitment to buy the social network according to the terms agreed at the end of April, which valued the Californian group at 44 billion dollars, according to a document seen by the AFP.
A judge from a court specializing in business law, in the State of Delaware, will therefore have to determine whether or not the multi-billionaire can terminate the acquisition agreement which provides for termination indemnities of one billion dollars. dollars.
“Musk thinks he is free to change his mind, criticize the company, disrupt its operations, destroy stock value and walk away,” accuses Twitter in its complaint, seen by Bloomberg.
And the social network to summarize: “In April 2022, Elon Musk began a merger agreement with Twitter, promising to do his best to make the agreement happen.
Now, less than three months later, Musk is refusing to honor his obligations to Twitter and its shareholders because the agreement he signed no longer serves his personal interests.
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After several months of procrastination and more or less direct threats, Elon Musk said Friday in a letter to Twitter that he was ending this agreement.
The company, he believes, failed to live up to its commitments by not disclosing enough information about fake accounts and spam, and by minimizing their number.
To justify his renunciation, Elon Musk also invokes several recent decisions by Twitter such as the recruitment freeze, contrary, according to him, to the obligation for the company to continue to operate normally.
Twitter wants to go all the way
“Contrary to the assertions in your letter, Twitter has not breached any of the obligations provided for in the agreement,” Twitter lawyers replied to him in a letter on Sunday, and published Monday evening on the site of the American authority of the financial markets. .
The social network therefore demands that the multi-billionaire keep its commitments.
Twitter claims in particular to have transmitted the information requested by Elon Musk on the number of inauthentic accounts on its platform, which he claims to be less than 5% while the multi-billionaire estimates it to be much higher.
The reasons put forward by the entrepreneur do not legally justify a breach of contract, argue several specialists.
The title of the company fell 11.3% on the New York Stock Exchange on Monday to end at 32.65 dollars, or 40% less than what the entrepreneur had offered when he announced his intention to get their hands on Twitter mid-April.
