Procuances and the entrepreneur’s cookie cutters have greatly harmed his reputation. For its part, the board of directors of the social network intends to force the sale by carrying the case before the courts.
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Donald Trump will have to wait to find his Twitter account, which Elon Musk wanted to restore: the boss of Tesla and Spacex said on Friday July 8 in a document transmitted to the American stock market authorities, which he refused to Buy the Twitter social network for $ 44 billion (43.2 billion euros), accusing the company of having provided “false and misleading” data on the number of false or dormant accounts.
It is therefore a legal battle that undertakes, insofar as the board of directors of the social network intends to force the sale. “The Twitter board of directors is committed to concluding the transaction at the price and conditions agreed with Mr. Musk and plans to bring legal action to enforce the merger agreement. We are convinced that we ‘will take before the court of Delaware “, the state where the trial would take place, immediately retaliated Bret Taylor, president of the group’s council. Friday, after closing of the New York Stock Exchange, the Twitter action was down sharply, by 5 %, around 35 dollars, well below the price of 54.20 dollars offered by Elon Musk in April.
It is not certain that Elon Musk, 51, achieves his ends, according to the analysis of the American lawyers cited by the press. The richest man in the world, whose fortune is estimated at 230 billion dollars per Forbes, must pay a deduction of $ 1 billion if he cannot bring together the necessary funding. But this amount is not a safe conduct to escape the sale. For this, substantial events should affect the company, which is not proven.
The courts could thus force the sale. In their letter to the Security Exchange Commission (SEC), the regulatory authority of the Stock Exchange, Mr. Musk’s lawyers advance a whole series of arguments to justify this thesis, in particular “commercial and financial prospects”. They denounce the bad will of the company: “Sometimes Twitter ignored Mr. Musk’s requests, sometimes he rejected them for reasons that seem unjustified, and sometimes he claimed to comply while giving to Mr. Musk incomplete or unusable information. “
expensive whim
The desire to withdraw from Elon Musk is not a surprise. As of May 13, he announced that his acquisition was pending, due to lack of information on the famous suspicious accounts, which Mr. Musk estimates that they can reach 20 % of the total. This acquisition, made in the name of the defense of freedom of expression, had an expensive side of Caprice on the part of Mr. Musk, who speaks on Twitter in total freedom for years.
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