The technology tycoon announced last week in a surprising way that he was resuming the purchase of the social network after being sued by it
The founder and CEO of Tesla, Elon Musk, is being investigated by the US authorities in relation to his failed attempt to purchase the Twitter company, an operation that the technology magnate now intends to resume, forced by circumstances and in fear of consequences. legal actions clearly detrimental to him and his assets.
The lawyers of the well-known social network revealed this Thursday that the billionaire is the subject of a formal investigation by the Administration as a result of Musk’s attitude in said financial operation, according to the Bloomberg agency and collected by Europa Press. “Elon Musk is being investigated by federal authorities for his conduct in connection with the Twitter acquisition,” the attorneys wrote in a filing dated Oct. 6.
The legal representatives of this company have asked the court that is suing the tycoon for “breach of contract” to grant them access to the documents that Musk has delivered. “Through counsel, he has exchanged substantive correspondence with those authorities regarding their investigations of him. Twitter wants those documents, because they have to do with key issues in this litigation, “say the lawyers of the social network.
On October 4 there was a new twist in this case, when it became known that the billionaire had finally decided to acquire said digital company for the price of the original agreement reached in April, despite having opened an intense battle with it on account of the number of accounts false that the network would really have. In this way, the purchase process, valued at 44,000 million dollars (42,156 million euros) with a price of 54.20 euros per share, will continue.
avoid a lawsuit
With this change in strategy, Musk sought to avoid having to face the trial scheduled for less than two weeks in the Twitter lawsuit. In any case, Musk has been suing the social network council since April for the exact number of ‘bots’ there are and the way the company has to audit these accounts. According to the social network, those do not exceed 5% of total users, but for the billionaire this figure could rise to 20% in reality.
That is why, after several warnings, the tycoon decided in May to temporarily suspend the purchase. A few days later, after not having received the information it demanded, Musk’s legal team accused the social network of a “substantial breach” of its obligations under the merger agreement.
For this reason, Twitter, interested in continuing with the operation, finally agreed to provide all the information on accounts and tweets that had been registered on the platform since it began its journey 16 years ago. In other words, a volume of information that is highly difficult to verify due to the large amount of data included. Specifically, according to the lawsuit, the social network estimates that it was provided with around 49 terabytes of information. A decision that did not please the tycoon and that can now be expensive by having to return to the initial agreement if he does not want to face justice.
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