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Musk sets new condition for $44-B Twitter deal

NEW CONDITION This April 14, 2022 file photo from TED Conferences shows Elon Musk speaking during an interview with TED head Chris Anderson (not in photo) at the ‘TED2022: A New Era’ conference in Vancouver, Canada. Musk said on Saturday, Aug. 6, 2022 (August 7 in Manila), his planned $44 billion takeover of Twitter should move forward if the company can confirm some details about how it measures whether user accounts are ‘spam bots’ or real people. AFP PHOTO
NEW CONDITION This April 14, 2022 file photo from TED Conferences shows Elon Musk speaking during an interview with TED head Chris Anderson (not in photo) at the ‘TED2022: A New Era’ conference in Vancouver, Canada. Musk said on Saturday, Aug. 6, 2022 (August 7 in Manila), his planned $44 billion takeover of Twitter should move forward if the company can confirm some details about how it measures whether user accounts are ‘spam bots’ or real people. AFP PHOTO 

ELON Musk said on Saturday (Sunday in Manila) his planned $44 billion takeover of Twitter should move forward if the company can confirm some details about how it measures whether user accounts are “spam bots” or real people.

The billionaire and Tesla chief executive officer has been trying to back out of his April agreement to buy the social media company, leading Twitter to sue him last month to complete the acquisition. Musk countersued, accusing Twitter of misleading his team about the true size of its user base and other problems he said amounted to fraud and breach of contract.

Both sides are headed toward an October trial in a Delaware court.

“If Twitter simply provides their method of sampling 100 accounts and how they’re confirmed to be real, the deal should proceed on original terms,” Musk tweeted early Saturday. “However, if it turns out that their SEC filings are materially false, then it should not.”

Twitter declined comment on Saturday. The company has repeatedly disclosed to the Securities and Exchange Commission (SEC) an estimate that fewer than 5 percent of user accounts are fake or spam, with a disclaimer that it could be higher. Musk waived his right to further due diligence when he signed the April merger agreement.

Twitter has argued in court that Musk is deliberately trying to tank the deal because market conditions have deteriorated and the acquisition no longer serves his interests. In a court filing on Thursday, it describes his counterclaims as an imagined story “contradicted by the evidence and common sense.”

“Musk invents representations Twitter never made and then tries to wield, selectively, the extensive confidential data Twitter provided him to conjure a breach of those purported representations,” company attorneys wrote.

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