October 2, 2022

Elon Musk and Twitter are gearing up for another court showdown as the billionaire countersued the social media giant, which sued him for voiding a $44 billion deal to acquire the platform.

Tesla and SpaceX CEO Elon Musk and his legal advisers allege in a recent filing that Twitter lied to them about the social media giant’s “key metrics” and manipulated its value in an effort to induce the billionaire to buy the company with a jacket. price.

Musk offered to buy Twitter earlier this year, but changed his mind and tried to back out of the deal by arguing that the social network was plagued by a significantly higher number of “spam bots” and fake accounts than Twitter had reported.

The filing alleges fraud and claims that Twitter’s filings with the Securities and Exchange Commission were “far from the truth” and “contain multiple, material misrepresentations or omissions that distort the value of Twitter.”

Elon Musk: Twitter uses bots and lies about user count

Twitter claimed in its response that the SEC filings are correct and that the company “did not misrepresent,” according to the Washington Post and the Wall Street Journal.

Musk claims Twitter is lying about the number of active users and how many of them are bots, and that his fraud claims against the company add to the so-called “adverse effect” that will allow him to back out of the contract, he revealed The Verge. .

The idea that Musk was “tricked” into signing off on the merger is “as implausible and counter-factual as it sounds,” Twitter said, adding that Musk was allegedly making excuses to get out of the deal, according to reports.

As part of its lawsuit against Elon Musk, Twitter has subpoenaed cryptocurrency exchange Binance and more than a dozen of Musk’s advisers and potential lenders. Musk revealed in May that he has secured investment from 18 companies, including Binance, to acquire Twitter.

The “Tester” and its influence on the crypto community

Elon Musk, the richest man in the world, is a known fan of Dogecoin. In a recent appearance on the Full Send Podcast, the self-proclaimed “Dogefather” stated that the Dogecoin blockchain had significantly higher transaction capacity compared to Bitcoin.

Elon Musk’s influence on the cryptocurrency community has been scientifically proven. According to research conducted by Dr. Lennart Ante for Blockchain Research Lab, The ‘Musk Effect’ Is Real.

Whenever the billionaire comments about Dogecoin on Twitter, the price of this cryptocurrency usually rises relatively quickly.

Twitter describes Musk’s reasoning for pulling out of the buyout deal as “a story he made up to get out of a merger deal he no longer found attractive.”

The trial between Twitter and Elon Musk is scheduled to begin on October 17.

DOGE total market cap at $9.11 billion on the daily chart | Source: TradingView.com

Featured image from Nikkei Asia, chart from TradingView.com

Source link

Leave a Reply

Your email address will not be published.