Elon Musk accuses Twitter of fraud and counter

Elon Musk accused Twitter of fraud in a lawsuit filed on July 29, in accordance with a Washington Examiner researcher Report.

Based on the report, Musk argued that the social media platform’s true worth was a lot lower than the quantity he initially agreed to pay.

Musk had supplied to purchase Twitter for $44 billion earlier this 12 months, however backed out of the deal in July.

The billionaire stated the choice to purchase the corporate was based mostly on the premise that the corporate’s enterprise was in fine condition.

He added that his investigations into the corporate’s analysis confirmed that the variety of bot accounts on the platform was greater than the official determine.

Based on him, Twitter deliberately supplied false info to assist its metrics.

Citing one other instance of misinformation shared by Twitter, Musk’s workforce wrote that the corporate revealed that “the platform has 238 million each day energetic customers that may be monetized, however these customers who truly see advertisements (and, due to this fact, can moderately be thought of” monetized) “) is about 65 million lower than what Twitter represents.”

Musk didn’t cease there. He and his workforce be aware that the variety of Twitter customers that may be monetized from advertisements is even decrease.

In truth, nearly all of advertisements are served to lower than 16 million customers — only a fraction of the 238 million customers,” Musk stated.

Twitter reacts

Twitter described Musk’s counterclaim as his newest try to justify his failure to honor their settlement.

The corporate indicated that it had addressed his newest allegations, which they described as dangerous, in 127 pages.

Based on the corporate’s president, Brett Taylor, they’re absolutely ready to satisfy him throughout their trial scheduled to be held in Delaware Courtroom in Chancery.

“(Musque’s) allegations are factually inaccurate, legally inadequate and commercially irrelevant. We sit up for trial within the Delaware Courtroom of Delaware,” the president wrote in a tweet Thursday.

The case between the 2 events is scheduled to go to trial on October 17.

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