- Twitter hopes to start the non-jury case on Sept. 19.
- Twitter shares fell 10% in the last 30 days.
- Dogecoin's DOGE price was down 5% on the day.
LAGOS (CoinChapter.com) — Elon Musk does not want to buy Twitter anymore. In response to the $44 billion snub, the social media giant has launched a lawsuit against the billionaire entrepreneur. Meanwhile, Twitter’s lawyers have been confident about their potential win.
Twitter lawyers have posited that they need only four days in Delaware Chancery Court to prove that the Dogecoin lover should be made to honor his initial agreement.
In a scathing attack on Musk and his motivations, Twitter accused the world’s richest man of flagrant hypocrisy.
Twitter lawyers noted that Musk repeatedly disparaged the company on Twitter, referring to his attitude toward the platform as “disdain.” Additionally, the filing alleges that Musk began breaking the rules when he bought large amounts of Twitter stock without proper notification.
“Having proposed and then signed a seller-friendly merger agreement, Elon Musk apparently believes that he is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away.”Twitter wrote in a legal complaint.
Meanwhile, Twitter board chairman Bret Taylor also shared in his legal team’s confidence, assuring that they would prevail in court. Moreover, the company hopes to start the non-jury case on September 19.
Twitter Breached Our Agreement, Says Elon Musk
Tesla’s CEO resolved that Twitter made “false and misleading” statements during negotiations, hence his decision to end the deal.
According to Elon Musk, the social media platform breached its agreement by not revealing the number of bots and spam accounts on its platform.
In a filing with the US Securities and Exchange Commission, Musk’s legal team said Twitter failed to provide vital information. They noted that the deal could not move forward if Twitter didn’t disclose the platform’s comprehensive user data.
Moreover, Twitter estimates that less than 5% of the accounts on its platform of 229 million daily users are fake. However, some outside researchers have projected that the number of spam and bot accounts could be far higher.
Additionally, Musk also indicated that he was ending the deal because Twitter fired senior executives and several essential. According to him, it is another breach of their agreement.
It’s worth noting that the legal filing doesn’t seem to bother Musk as he continues to mock Twitter management. He posted a meme featuring himself laughing to text, claiming Twitter is trying to force him to buy the company.
Twitter Stocks, Meme Coins Market Cap Drop Significantly
Meanwhile, the ongoing struggle has affected Twitter shares and the market value of meme tokens. Twitter shares following Elon Musk’s decision to terminate the deal have plummeted by almost 10% in the last 30 days.
Twitter shares sank 11% in premarket trade Monday, just as Tesla shares fell about 6.5%. However, at the time of publication, the stock price of both companies are recovering by 4% and 1%, respectively.
Similarly, the meme tokens market cap has plunged to $14.8 billion, dropping by more than 6% in the last 24 hours.
Elon Musk’s favorite meme token, Dogecoin, was down 5% on the day. DOGE was trading at $0.058563 and currently has a market cap of $7.8 billion, according to data from Coingecko. Shiba Inu and Floki Inu also dropped by 5% and 7% on the day.