Centi-billionaire Elon Musk has lashed out at Twitter and challenged the company’s CEO Parag Agarwal to a “public debate” about fake accounts and spam amid a contentious legal battle over a $44 billion acquisition.
Musk made a bid with the Securities and Exchange to acquire Twitter back in April of this year. After the companies agreed to move forward with the tech-private deal, Musk said he was phasing out its acquisitions, and falsely related the number and number of monetized daily active users, including his SEC filings on Twitter. Accused of presenting the number. Spam and bot accounts on social networks.
Twitter then sued Musk in Delaware Chancery Court to ensure the deal would go as promised, and Musk filed a counterclaim and a countersuit on July 29.
In a series of tweets that Musk began posting just before 1 a.m. on Saturday, August 6, Musk chat with a fan who summarized his allegations about Twitter, including that it was blocking him and giving him “old data” and “a fake data set” when he asked the company for details about it. Asked how it tabulated mDAUs, and estimates for spam and bot accounts.
Tesla and SpaceX CEO wrote“Good summary of the problem. If Twitter only provides their method of sampling 100 accounts and how they are confirmed to be genuine, the deal should proceed on the original terms. However, if it turns out that their SEC The filing is materially false, so it shouldn’t be.”
Just after 9 a.m. on a Saturday, Muskie started a twitter poll Asking his followers to vote whether”[l]More than 5% of Twitter daily users are fake/spam.” Respondents to the informal survey could choose from one of Musk’s answers that contained either “yes” followed by three robot emojis or “lmao no.” Stands for “Laughs at My A-Off”.)
A source close to the company says that there will be no arguments outside the pending litigation.
Musk’s lawyers did not respond to requests for comment on Saturday, and a Twitter lawyer declined to comment on Musk’s Saturday tweet.
Twitter’s lawyers have argued in the court filing that Musk only gave the company twenty-four hours to accept his offer before he presented it directly to Twitter shareholders, and more information about false or spam accounts. Due diligence including opportunity to get waived.
“Its explicit wording cannot be changed by Musk’s repeated mishandling of the merger agreement,” he wrote in the court filing.
At an annual shareholder meeting for Tesla on August 4, Musk was asked to speak about Twitter during a question-and-answer session that followed a proxy vote.
he said, drawing laughter from the audience in attendance, “I obviously have to be a little careful what I say about Twitter because it’s lawsuits and stuff.” He confirmed that the only two publicly traded securities he owns are Tesla and Twitter.
And then he talked as if he still wanted to own the social networking company, contrary to the arguments made by Musk through his lawyers in a legal filing in Delaware, in which Musk argues that he should not go through with the deal. needed.
At the Tesla 2022 shareholders meeting, Musk said: “I think I use it a lot in terms of Twitter, shoot myself in the foot a lot, you know, dig my grave, etc. I think That it is — I understand the product quite well, so I think I have a good sense of where to point the engineering team at Twitter to radically improve it.”
He said Twitter would help accelerate a “very grand vision” he had to build a business he had been thinking about since his early years as a tech entrepreneur, X.com or X Corporation.
“Obviously it can be started from scratch,” he said, “but I think Twitter will help accelerate it for three to five years. So it’s something that I thought would be quite a long time.” Would be useful. I know what to do. It doesn’t have to be Twitter for that, but like I said, it’s probably at least three years of accelerant and I think it’s something that will do a lot for the world. would be useful.”
Musk did not provide further details at that meeting. However, he reportedly said during the town hall met with Twitter employees in June this year to expand Twitter’s user base to a billion people and saw Twitter as a platform that could grow into an app like China’s WeChat, a “super app”, which includes messaging, video and everything. Social media, mobile and point-of-sales payments, with a robust app ecosystem.
Unless they reach an agreement first, Twitter and Musk are facing a five-day hearing in Delaware that begins October 17. The judge deciding the case is Chancellor Kathleen St. J. McCormick.