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Elon Musk accuses Twitter of fraud

 

Prosecuted for withdrawing his takeover offer, Elon Musk officially accuses Twitter of fraud

 

COUNTER-ATTACK We know more about the motivations of the complaint filed by the billionaire against the social network that he had once promised to buy

 

His complaint describes “distorted representations” of the social network as “sins”. Himself sued by Twitter for his abortive takeover offer, Elon Musk filed Thursday night in a delaware state court the 165 pages of arguments of his own complaint against the blue bird. He accuses Twitter of having defrauded on the number of monetizable accounts of the social network.

The billionaire’s lawyers accuse the company of having “hidden the truth” about the number of 238 million monetizable daily users claimed. According to them, they are about 65 million fewer and “the majority of ads” would only be shown “to less than 16 million users, a fraction” of what Twitter claims.

 

Part of “hide-and-seek”

The complaint finally claims that “Twitter frantically prevented information from circulating in a desperate attempt to prevent (Elon Musk) from discovering the fraud,” evoking a game of “hide and seek” to prevent the buyer from “discerning the truth” for as long as possible.

Twitter responds that the businessman rushed the negotiations and that the agreement never mentioned the fake accounts, and the lawyers of the social network denounce an “attempt to escape a contract that Musk no longer finds interesting since the stock market has declined”.

 

Four months of twists and turns

This complaint is yet another twist in the case between Twitter and the boss of Tesla since the latter had set out to buy it, last April. After signing a buyout deal for $54.20 per share, Musk unilaterally canceled the deal, on the grounds that the San Francisco-based company allegedly lied about the proportion of automated accounts and spam on its platform.

In mid-July, Twitter sued Elon Musk in the Delaware Court of Chancery, a court specializing in business law, to force him to honor his commitment to acquire $ 44 billion. A trial that is due to begin on 17 October. Two weeks later, the richest man in the world counter-attacked with a “confidential” complaint.

The clash does not leave Twitter unscathed. Between the general decline in the stock market in recent months, the decline in advertising revenue from social networks related to the economic situation and the public criticism of Elon Musk, his stock collapsed to about $ 32 on July 11. It was worth $41.97 on Friday, up 2.20%.

 

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