June 2, 2023

Elon Musk and Twitter are set to face off again in court, with the billionaire countersuing the social media giant, which sued him for cancelling a $44 billion contract to buy the platform.

Tesla and SpaceX CEO Elon Musk and his legal counsel claimed in a recent filing that Twitter deceived them on the social media giant’s “key metrics” and manipulated its value in an attempt to lure them. Make the billionaire buy the company at an inflated price. price.

Earlier this year, Musk offered to buy Twitter, but he changed his mind and tried to back out of the deal, claiming the social media network was hit with a far greater number of “spam bots” and fake accounts than Twitter reported.

The filing alleges fraud and argues that Twitter’s filing with the SEC is “far from the truth” and “contains multiple material misrepresentations or omissions that distort Twitter’s value.”

Elon Musk: Twitter used bots and lied about user numbers

In its response, Twitter claimed that its SEC filing was correct and that the company “made no false statements,” according to The Washington Post and The Wall Street Journal.

Musk’s claims that Twitter lied about the number of its active users and how many of them are bots, and that his fraud allegations against the company are adding to the so-called “adverse impact” should allow him to withdraw from the contract, The Verge disclosed.

Claims that Musk was “tricked” into signing a merger deal are “as unlikely as it sounds and contradict the facts,” Twitter said, and reports that Musk is allegedly making a case for pulling out of the deal.

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

The “Godfather” and its impact on the crypto community

The world’s richest man, Elon Musk, is a famous Dogecoin enthusiast. In a recent appearance on the Full Send Podcast, the self-proclaimed “Dogefather” stated that Dogecoin’s blockchain has significantly higher transaction power compared to Bitcoin.

Elon Musk’s influence on the cryptocurrency community has been scientifically proven. According to a study conducted by Dr. Lennart Ante for the Blockchain Research Lab, the “Musk effect” is real.

Every time the billionaire commented on Dogecoin on Twitter, the cryptocurrency’s price usually rose relatively quickly.

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

The trial between Twitter and Elon Musk is set 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

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