Multi-billionaire and Tesla CEO Elon Musk accused Twitter of “fraudAs part of the lawsuit over the $44 billion deal he signed to acquire the social network, he is trying to break through.
Elon Musk accused Twitter of deceiving the number of monetized accounts on the social network in arguments filed Thursday night in Delaware state business court, according to a 165-page court document obtained by AFP on Friday.
A legal battle is unfolding between the richest man on the planet and the social network. Elon Musk’s lawyers accuse Twitter of havingconcealed the truthon the 238 million daily monetizing users claimed by the social network. According to them, they are about 65 million less and “the most ads“Only broadcast”With less than 16 million users, somewhat twitter claims.
False statements, false values
The complaint, which describes “distorted representations“From the Social Network”sins“, confirm thatTwitter frantically blocked the flow of information in a desperate attempt to prevent (Elon Musk) from exposing the fraud.“. In mid-July, Twitter sued Elon Musk in a Delaware court specializing in business law to force him to honor his $44 billion buyout commitment. The trial is scheduled to begin on October 17.
Two weeks later, the richest man in the world counterattacked with a protest.secret“. Elon Musk approached Twitter in April, then signed a buyout deal for $54.20 per share. It unilaterally terminated it in early July, citing the San Francisco-based company as allegedly lying about the proportion of automated and spam accounts on its platform. Tesla CEO accuses board of hiding the true fraction of invalid accounts Twitter estimates to be less than 5%.
Official documents filed by the platform with the US stock exchange police;contains numerous material misstatements and omissions that misrepresent Twitter’s value and led Elon Musk to agree to buy the company at an inflated price.– the businessman’s lawyers assure. Twitter’s strategy, they continue, has been:play hide and seek“to prevent the buyer”find out the truth“.
Twitter responds that the businessman rushed the negotiations and that the agreement never mentioned fake accounts, and the social network’s lawyers condemn “trying to avoid a contract that Musk no longer sees as attractive after the stock market crash“. Between the general decline in the stock market in recent months, declining social media ad revenue, economic conditions and public criticism of Elon Musk, Twitter shares collapsed to $32 on July 11. It traded at $41.97 on Friday, up 2.20%. The title of Tesla lost 6.05%, reaching $869.92.
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.