Elon Musk has filed a court summons against Twitter co-founder Jack Dorsey as part of his legal battle with the tech company. Musk is attempting to terminate his $44 billion deal with Twitter, claiming that the company failed to provide enough information on fake account numbers.
However, the social media site is suing Mr Musk in an attempt to force him to buy it.
Unless both parties agree to settle outside of court, the case will take place in Delaware, US, in October. Twitter is hoping that a judge will order Mr Musk, the world’s wealthiest man, to finish the handover at the agreed-upon price of $54.20 per share.
However, as part of the trial preparations, Mr Musk’s lawyers have contacted his friend, former Twitter CEO Jack Dorsey, in the hope that he will support the Tesla CEO’s claim that the social media giant has been dishonest about the number of fake accounts on its platform.
A subpoena is a legal writ or document that summons someone to court or orders the filing of proof, such as records or documents, to a court.
In July, the billionaire announced his intention to withdraw from his deal to buy Twitter, prompting the company to sue him. Musk accused Twitter of withholding information about fake accounts, but Twitter countered that these were justifications for buyer’s remorse.
The website has issued its own subpoenas to people who planned to invest in Musk’s deal. Dorsey resigned as Twitter’s CEO in November of last year and tweeted in support of Mr Musk when he announced his bid to buy the company in April, saying: “I believe in Elon as a singular solution. I believe in his mission to spread the light of consciousness.”
A US judge ruled last month that Twitter’s lawsuit against Musk should go to trial in October.
Earlier in August, Mr Musk sold another 7.92 million Tesla shares worth approximately $6.88 billion, claiming that he required the funds in case he was forced to buy Twitter.
Musk has filed a counter-suit against Twitter, claiming that a third of visible Twitter accounts assessed by his team were fake. Based on that figure, the team estimated that at least 10% of daily active users are bots.
However, leading bot researchers have questioned his legal team’s filings in his battle with Twitter. Twitter forecasts that bot accounts account for less than 5 per cent of its daily active users.
(Adapted from BBC.com)
Categories: Economy & Finance, Strategy, Sustainability, Uncategorized
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