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According to Twitter’s lawyers, analysts paid for by Elon Musk failed to show that the proportion of fake accounts on the social network was “significantly higher” than predicted
According to Twitter’s lawyers, analysts paid for by Elon Musk failed to show that the proportion of fake accounts on the social network was “significantly higher” than predicted by the platform, the main argument for the Tesla boss’s withdrawal from Twitter.
The parties debated on Tuesday what they should contribute to the unprecedented lawsuit that will take place in three weeks over the $44,000 million purchase deal that the boss failed to fulfill.
The lawyers of the world’s richest man have once again requested access to more data on fake or automated accounts and the methods of calculating the number of « monetizable users and daily assets, which formed the basis of their clients’ arguments that they did not buy the platform. .
In his July 8 letter announcing the termination of the contract, Musk claimed that the spam rate was “well above” the 5% of accounts estimated by Twitter.
However, Twitter attorney Brad Wilson said the two data analytics companies hired by businessman Cyabra and CounterAction put the rate at 11% and 5.3%, respectively.
“None of these reports remotely support what Musk said to Twitter and the world in his July 8 letter,” Wilson said.
At the beginning of July, the San Francisco-based group filed a lawsuit to force Musk to comply with the purchase agreement, which was signed at the end of April.
According to the board of directors, the spam rate on the platform is an excuse used by the businessman who would actually change his mind when he saw the decline in the value of companies on the stock market in recent months.
“Let’s get to the heart of the matter,” said US judge Kathaleen McCormick, after more than three hours of discussion at the preliminary hearing over Zoom.
Both parties have accused each other of obstructing or abusing attorney-client privilege.
Musk’s lawyers believe Twitter is asking too much about his relationship with Peiter Zatko, the social network’s former head of security, who this summer accused his former company of hiding computer security vulnerabilities and lying about its fight against hackers. fake accounts.
The market has long given Twitter an edge, as Delaware’s law is a priori favorable for the fulfillment of contracts. The judge presiding over the case, Kathaleen McCormick, granted the company a speedy hearing, while the billionaire wanted to wait until next year and asked for an astronomical amount of data.
But the whistleblower’s surprise intervention added a new dimension to the case as it allowed Judge Musk to include new allegations in his arguments.
According to various media reports, they should question the king in a closed statement rescheduled for October 6 and 7.
The trial is scheduled to begin October 17 in a special court in the state of Delaware on the east coast of the United States and will last five days.
Dan Ives of Wedbush Securities said in a note Tuesday that the court battle could lead to “settlement, payment of breach of contract fees, obligation to buy Twitter as planned, and numerous other consequences.”
The analyst also continues to believe that “it is possible for the parties to negotiate behind the scenes.”
Source: El Nacional
Alice Smith is a seasoned journalist and writer for Div Bracket. She has a keen sense of what’s important and is always on top of the latest trends. Alice provides in-depth coverage of the most talked-about news stories, delivering insightful and thought-provoking articles that keep her readers informed and engaged.
