Wilmington, Del.: Billionaire Entrepreneur Elon Musk Twitter is seeking documents from Inc. co-founder Jack Dorsey as Tesla CEO and SpaceX is pursuing its legal battle to walk away from its $44 billion deal for the social media company, according to a court filing. Is.
Dorsey, who resigned as Twitter’s chief executive in November and left the board in May, was asked for documents and communications about the company and spam accounts on the platform regarding Musk’s April agreement, a piece of subpoena. According to the copy.
https://www.youtube.com/watch?v=/BzWUWs8r4ck
Dorsey, who is the CEO of payments processing company Block Inc., did not immediately respond to a request for comment. Block was co-founded by Dorsey and changed its name to Square Inc last year.
Musk, the world’s richest man because of his stake in Tesla Inc., told Twitter in July that he was terminating the deal to buy the company at $54.20 a share after he alleged that Twitter breached the contract of the deal. was. Twitter and Musk have since sued each other, with Twitter asking a Delaware Court of Chancery judge to order Musk to close the deal. The five-day trial is scheduled to begin on October 17.
The summons sought documentation and communications regarding Twitter’s use of mDAU, a measure of active users on its platform. Musk has alleged that the company defrauded him by hiding a number of fake accounts in its regulatory filings, which Musk said he valued the company.
Twitter has denied Musk’s spam allegations.
https://www.youtube.com/watch?v=/4OsXMiDPzpI
Musk also wanted documents and communications from active users about alternative measures the company has considered and about MDAU’s use in executive pay and annual goals.
Twitter declined to comment.
Dorsey had backed Musk’s buyout offer for Twitter because the two men agreed on the need for more transparency for its algorithm and allowing users more control over the content they view.
Dorsey has also tweeted that he believes Twitter is held back by the advertising model and Musk has said that Twitter should rely more heavily on services such as membership fees and money transfers between users.
Musk and Dorsey discussed joining Musk’s Twitter board in March, before Musk revealed that he had acquired a 9.1% stake in Twitter. Musk accepted a board seat but before starting his term, he changed course and offered to buy the company.
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