Elon Musk tricked into signing a deal to buy and sell Twitter?

Twitter is pushing back against billionaire Elon Musk’s allegation that the company “cheated” him into signing a $44 billion deal to buy the social media platform.

Earlier, Elon Musk made a series of statements in the Twitter lawsuit filed on July 29. Elon Musk alleges that Twitter failed to provide him with information to verify that less than 5% of Twitter’s more than 220 million daily users are focused on spam or phishing, a key metric for understanding activity. advertising business of this company.

The world’s richest billionaire claims Twitter misrepresented or omitted information that could shed light on the company’s value.

After the summary was made public on August 4, Twitter immediately objected. In a 127-page legal filing in response to the allegations from Elon Musk, Twitter called his claims ” absurd and contrary to reality “.

Elon Musk says he – a billionaire founder of many companies, advised by lawyers and Wall Street bankers – was scammed by Twitter into signing a $44 billion merger agreement. That’s absurd and contrary to reality, ” Twitter said.

Twitter’s response is the latest move in an increasingly heated legal battle between the world’s richest billionaire and the social media giant.

When Twitter sued to enforce its rights and expose the weakness of those reasons, Elon Musk spent weeks coming up with a variety of alleged counterclaims – a whole new set of reasons for his behavior. Counter-claim is a story for lawsuits, ‘that contradicts evidence and common sense ‘, according to legal records.

Twitter said to never mislead Elon Musk because the company revealed that there are limitations with their estimates of spam or fake accounts and the number could be higher.

Elon Musk claims that the number of spam or fake accounts is at least 10%, but Twitter says ” Elon Musk doesn’t measure the same thing as Twitter or even use the same data as Twitter “.

Earlier this week, Twitter issued dozens of subpoenas to banks, investors and law firms supporting Elon Musk’s takeover bid.

Meanwhile, Musk also issued subpoenas to Twitter advisers at Goldman Sachs and JP Morgan.

Legal experts say Twitter wants to find out why Musk turned down the deal to buy the company, or whether the billionaire reneged on his obligations because of financial insecurity.

Earlier, in April, Elon Musk offered to buy Twitter for $ 54.20 per share. The Tesla CEO stated he believes in the social network’s potential as a global platform for free speech.

Elon Musk has stated that he does not want to own only a part of Twitter, but wants to buy the entire social network.

However, he later expressed skepticism about the information provided by Twitter that bots and spam accounts account for less than 5% of users.

Elon Musk sought to withdraw on July 8 without paying a $1 billion breakup fee, citing Twitter’s failure to provide details about bot and spam accounts. Twitter sued him four days later.

Shortly after, Twitter sued Elon Musk, accusing the Tesla CEO of sabotaging the agreement, causing many difficulties for the company and shareholders.

Reference: Reuters