Twitter posted total worldwide revenue of more than US$5 billion in 2021.
It is estimated that by 2023 the number of monthly users of 340 million.
Elon Musk agreed to pay $44 billion for the site in April.
This Thursday new information emerged about the story between Elon Musk and the social network Twitter. The Tesla CEO’s attempt to reveal the content of the countersuit he filed against Twitter last week was rejected by the judge overseeing the case.
The discord between the social network and the tycoon arose after the considered richest man in the world rejected the purchase of the platform after accepting a $44 billion deal to buy it.
Twitter is one of the most important social networks in the world and, According to data from its annual report, posted total worldwide revenue of more than US$5 billion, up from US$3.72 billion a year earlier.
Elon Musk and Twitter
This Thursday, Delaware Chancery Court Judge Kathaleen McCormick ruled that the counterclaims, Musk’s response and affirmative defenses to Twitter’s lawsuit will be made public Friday afternoon, according to court documents.
This decision gave Twitter a victory in the first of what will likely be many after the social networking site argued that the publication of the documents on Wednesday could expose commercial information. “confidential”.
In that sense, The Post details that the dispute focuses on the 164-page counterclaim that Musk filed against Twitter last Friday. The lawsuit represents an escalation in the battle over the Tesla CEO’s abandoned deal to buy Twitter.
It also emerged that companies are often allowed to redact legal document material that could reveal sensitive information about their business, with Twitter arguing that it needs more time to see “what information is in Musk’s files, if any.” any, to designate as confidential.
Given that, Musk’s legal team claimed that Twitter is engaged in a delaying tactic to get ahead of the story in the press.
“Twitter must not be allowed to continue to bury the side of the story, which it does not want to see publicly disclosed,” Musk’s attorney, Edward Micheletti, wrote in a letter to McCormick.
Micheletti added that Twitter was trying to bend the court’s rules to “get their response out to the public.” side by side with the Defendants’ story before the Defendants’ story can be told.”
Under court rules, Musk’s countersuit and Twitter response should be available to the public no later than Friday, August 5, possibly in redacted form.
Following that new information, shares of Twitter closed up 0.1 percent at $41.00 on Wednesday.
The shares have risen 26 percent since the company sued Musk on July 12 in an attempt to force him to honor his deal to take over Twitter for $54.20 per share, indicating that investors are becoming more optimistic about Twitter’s chances in the legal battle.
In that sense, this new action gives another perspective to this event that I consider important for many industries, especially technology.
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