Amid the ongoing court battle against Twitter, Tesla CEO Elon Musk on Saturday said that the “interaction with almost all Twitter accounts seem to be much lower lately.” Taking to Twitter, Musk, on Thursday, wrote, “Interaction with almost all twitter accounts seem to be much lower in recent weeks & days. Accurate?”
In another tweet, Musk added, “Tesla + Twitter -> Twizzler.” Musk’s tweet garnered several responses. “True that,” one user wrote, while another mocked Musk’s tweet saying, “Nah, Elon. We’re just actively ignoring you. Besides, are you so vain that you measure your life in degrees of Twitter interaction?”
A few days ago, the microblogging site filed a lawsuit against Musk after he decided to back out of the $44 billion (roughly Rs. 3,37,465 crore) takeover deal.
Twitter filed a motion to expedite the proceedings and requested a four-day trial in September. Musk’s legal team opposed the motion.
“Twitter brings this action to enjoin Musk from further breaches to compel Musk to fulfil his legal obligations and to compel consummation of the merger upon satisfaction of the few outstanding conditions,” the social media site wrote in the lawsuit. The lawsuit marks the beginning of what could be a protracted legal battle as Twitter seeks to hold Musk to his deal to pay $54.20 (roughly Rs. 4,200) per share for the company.
Twitter, which is being repped by M&A powerhouse law firm Wachtell, Lipton, Rosen & Katz, alleged that Musk looked for an escape from the deal, which required a “material adverse effect” or breach of contract.”Musk had to try to conjure one of those,” the lawsuit stated. Musk announced the termination of a $44 billion Twitter purchase deal in a letter sent by Musk’s team to Twitter earlier in July.
Musk decided to suspend the deal due to multiple breaches of the purchase agreement. In April, Musk reached an acquisition agreement with Twitter at $54.20 per share in a transaction valued at approximately $44 billion. However, Musk put the deal on hold in May to allow his team to review the veracity of Twitter’s claim that less than 5 per cent of accounts on the platform are bots or spam.
Back in June, Musk had openly accused the microblogging website of breaching the merger agreement and threatened to walk away and call off the acquisition of the social media company for not providing the data he has requested on spam and fake accounts.
Musk alleged that Twitter is “actively resisting and thwarting his information rights” as outlined by the deal, CNN reported, citing the letter he sent to Twitter’s head of legal, policy and trust, Vijaya Gadde.
Musk demanded that Twitter turn over information about its testing methodologies to support its claims that bots and fake accounts constitute less than 5 per cent of the platform’s active user base, a figure the company has consistently stated for years in boilerplate public disclosures.