Home » US business news » Oracle co-founder who invested $1 billion in Elon Musk’s Twitter bid called into court battle

Oracle co-founder who invested $1 billion in Elon Musk’s Twitter bid called into court battle

By Nagasunder in US business news, posted August 10, 2022

A backer and close friend of Elon Musk who put $1 billion into his bid to buy Twitter has been dragged into the legal battle over the deal.

Twitter has subpoenaed Oracle co-founder Larry Ellison as part of its lawsuit to force Musk to complete his $44 billion purchase.

Twitter states Ellison was the largest outside investor in the transaction, pledging $1 billion to the purchase.

Musk launched the $44 billion bid to take Twitter private in April, but attempted to back out last month, saying that the site deceived his team about the amount of "spam" accounts in its user base.

Twitter sued Musk to force the deal to go through, calling Musk’s argument "a story, imagined in an effort to escape a merger agreement that Musk no longer found attractive."

Musk, the richest man in the world with a net worth of $266 billion, according to Forbes, publicly challenged Twitter CEO Parag Agrawal to "a public debate about the Twitter bot percentage."

Musk tweeted on Saturday, August 7: "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, however, if it turns out that their SEC filings are materially false, then it should not."

Looking for a new job? Find the WhatJobs Career Advice Center here

Twitter has also subpoenaed an executive from Ellison's trust, which invested $1 billion in the acquisition.

On Monday, Aug 08, Ellison could not be reached for comment.

Ellison, a close friend of Musk, and the co-founder of Oracle joined Tesla's board in 2020.

Twitter and the attorneys defending the business in Musk's complaint did not reply to a request for comment.

Source: Foxbusiness

Follow us on YouTube, Twitter, LinkedIn, and Facebook.