Lawyers for Musk and Twitter traded barbed letters over how a whistleblower’s accusations of “egregious deficiencies” at the company will affect the soured sale and lawsuits that have ensued.
The billionaire leader of Tesla and SpaceX says Twitter must go private to fulfill its “societal imperative.” But the way he went about offering to buy it left Wall Street doubting his seriousness.A trial is set for Oct. 17, though Musk’s lawyers on Tuesday sought to move it to November.
Delaware Judge Kathaleen St. J. McCormick probably will allow Musk to amend his complaint because it’s rare for such requests to be denied and the allegations by Zatko raise “really important” issues, saidTwitter has argued in court filings that it hasn’t breached any of its obligations to Musk and maintains that Zatko’s complaint is “riddled with inconsistencies and inaccuracies and lacks important context.
The company has said that spam and bots make up less than 5% of the social media network’s accounts. Musk says as much as a third of Twitter’s more than 230 million users may fall into the bot category. As the legal fight escalates, two prominent shareholder advisory firms, Institutional Shareholder Services Inc. and Glass Lewis & Co., are urging Twitter’s investors toISS said that although the situation is unique, investors should focus on the details of the proposal itself instead of the noise around it. Glass Lewis said the offer price would allow shareholders a relatively attractive exit price and a premium for the company’s unaffiliated shareholders.
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