Elon Musk Claims Twitter Committed Fraud In $44 Billion Deal Countersuit

Elon Musk Claims Twitter Committed Fraud In $44 Billion Deal Countersuit

Tesla’s CEO is trying to get away from Twitter’s $44 billion takeover deal he’s trying to renegotiate.

In a counterclaim filed in connection with his failed $44 billion acquisition of the social media business, Elon Musk said Twitter withheld key information and asked the team to estimate the actual size of his user base. Accused of fraud by misrepresenting Billionaire Tesla CEO

Musk is suing Twitter in retaliation for allegedly violating Texas securities laws and engaging in fraud and breach of contract. .
Musk’s counterclaim was filed confidentially last week in Chancery Court, Delaware, and was filed late Thursday. Musk made an offer to buy Twitter earlier this year, but Twitter later called on social media to back down on the deal, claiming he underestimated the extent of the platform’s prevalence of “spambots” and fake accounts. and Twitter filed a lawsuit to force him to complete the deal. Musk’s counterclaim was subsequently filed.

In a counterclaim, Musk’s attorneys allege that Twitter’s “misrepresentations or omissions” distorted the company’s value, leading Musk to agree to buy him at an exorbitant price in April. . They claimed that he actually has 65 million fewer users, contrary to his Twitter estimate of 238 million “monetizable daily active users of him”.

According to the filing, only a small portion of Twitter’s user base sees the majority of the company’s ads.

Apart from the fact that Twitter recently made too many significant changes without consulting Musk, Musk’s team has accused Twitter of violating social media regulations enacted by the Indian government. I’m here. Musk has promised to make Twitter a haven for free speech, but said he must comply with local laws in each country in which he operates.

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