Glamtush
No Result
View All Result
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events
No Result
View All Result
Glamtush
No Result
View All Result
Home News

Elon Musk Accuses Twitter Of Fraud

byAgency Report
August 5, 2022
in News, World News
Reading Time: 2 mins read
X
Share on FacebookShare on TwitterShare on PinterestShare on WhatsappShare on LinkedinShare on Telegram

Elon Musk has accused Twitter of fraud, alleging the social media platform misled him about key aspects of its business before he agreed to a $44 billion buyout, as their court battle heats up.

The Tesla boss lodged the claim late Thursday as he fights back against Twitter’s lawsuit seeking to force him to close the deal, which he has tried to cancel.

Musk argued in the filing to a Delaware court that the number of users who can be shown advertising on the platform is far below the firm’s figures.

READ ALSO

Google Unveils $37M AI Investment And New Community Center In Africa

Suspect In Kogi Photojournalist’s Murder Found Dead In Hotel

“Twitter’s disclosures have slowly unraveled, with Twitter frantically closing the gates on information in a desperate bid to prevent the Musk Parties from uncovering its fraud,” the claim alleged.

In its own filing, Twitter rejected the mercurial billionaire’s argument, calling it “as implausible and contrary to fact as it sounds.”

“According to Musk, he — the billionaire founder of multiple companies, advised by Wall Street bankers and lawyers — was hoodwinked by Twitter into signing a $44 billion merger agreement,” Twitter said.

Musk last week filed his countersuit, which was finally made public on Thursday, along with a legal defense against Twitter’s claim that the billionaire is contractually bound to complete the takeover deal.

– ‘Distortion, misrepresentation’ –

“The counterclaims are a made-for-litigation tale that is contradicted by the evidence and common sense,” Twitter argued in the filing.

A five-day trial that will consider Twitter’s lawsuit against Musk has been scheduled for October 17.

The Tesla boss wooed Twitter’s board with a $54.20 per-share offer, but then in July announced he was ending their agreement because the firm had misled him regarding its tally of fake and spam accounts.

Twitter, whose stock price closed at $41.06 on Thursday, has stuck by its estimates that less than five percent of the activity on the platform is due to software “bots” rather than people.

Twitter told the court that Musk’s claim that the false account figure tops 10 percent is “untenable.”

The company also disputed Musk’s assertion that he has the right to walk away from the deal if Twitter’s bot count is found to be wrong, since he didn’t ask anything about bots when he made the buyout offer.

Twitter accuses Musk of contriving a story to escape a merger agreement that he no longer found attractive.

“Twitter has complied in every respect with the merger agreement,” the company said in the filing made to Chancery Court in the state of Delaware.

“Musk’s counterclaims, based as they are on distortion, misrepresentation, and outright deception, change nothing.”

The social media platform has urged shareholders to endorse the deal, setting a vote on the merger for September 13.

Billions of dollars are at stake, but so is the future of Twitter, which Musk has said should allow any legal speech — an absolutist position that has sparked fears the network could be used to incite violence.

AFP

Related Posts

AI Investment
News

Google Unveils $37M AI Investment And New Community Center In Africa

July 26, 2025
Kogi Photojournalist's Murder
Metro/Crime

Suspect In Kogi Photojournalist’s Murder Found Dead In Hotel

July 24, 2025
LPPC
News

FULL LIST: LPPC Elevates 57 Legal Practitioners To SAN Rank

July 24, 2025
Osahon Okunbo
News

Osahon Okunbo Backs Emerging Artists With Bold Vision At Freedom Park

July 23, 2025
Cholera Outbreak In Niger
Health

12 Dead, 230 Hospitalized Over Cholera Outbreak In Niger

July 23, 2025
Kogi Photojournalist's Murder
Metro/Crime

Kogi Photojournalist Killed By Neighbor

July 23, 2025
Next Post
Cut Costs

Cut Costs To Help Your Business

LATEST COVER

Priscilla Ojo

GPBN Associates Member

Fidelity Bank

Zenith Bank

AI Investment

Google Unveils $37M AI Investment And New Community Center In Africa

July 26, 2025
RADAR Africa

Spotify RADAR Africa Turns The Volume Up On FOLA And Thakzin

July 26, 2025
Pregnancy

Priscilla Ojo & Juma Jux Announce Pregnancy, Share Adorable Baby Bump Photos

July 25, 2025
Jhanak Teasers August 2025

Star Life: Jhanak Teasers August 2025

July 25, 2025
SME

Fidelity Bank Empowers SMEs With Business Management Systems

July 25, 2025
Sterling One Foundation

Sterling One Foundation, UN Set Stage For Africa’s Next Leap At ASIS 4.0

July 25, 2025
Blood

Access Group Staff Donates Blood Across Africa In Life-Saving Initiative  

July 24, 2025
Kogi Photojournalist's Murder

Suspect In Kogi Photojournalist’s Murder Found Dead In Hotel

July 24, 2025
Hulk Hogan

Wrestling Legend Hulk Hogan Dies At 71

July 24, 2025
LPPC

FULL LIST: LPPC Elevates 57 Legal Practitioners To SAN Rank

July 24, 2025

GLAMTUSH

 

Glamtush publishes the latest trends in fashion, beauty, and lifestyle, as well as those making the fashion world interesting and adorable.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us

REACH OUT

Do you have any news for us? Event Coverage, Press Releases or Adverts? Then reach out to us via glamtush@gmail.com or glamtush15@gmail.com

OFFICE ADDRESS

Lagos, Nigeria

Copyright © 2022 Glamtush

  • About Us
  • Advertise
  • Contact Us
  • Disclaimer
  • Glamtush – Nigeria News, Nigerian Newspapers, Naija News
  • Glamtush – Nigeria News, Nigerian Newspapers, Naija News
  • Terms And Conditions
  • Write for Us

© 2022 Glamtush

No Result
View All Result
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events

© 2022 Glamtush