Elon Musk and Twitter are set for another court showdown as the billionaire launches a countersuit against the social media giant, which sued him for canceling the $44 billion contract to acquire the platform.
Tesla and SpaceX CEO Elon Musk and his legal counsels are alleging in a recent filing that Twitter hoodwinked them about the social media giant’s “key metrics,” and manipulated its value in an attempt to induce the billionaire to purchase the firm at a jacked-up price.
Musk offered to purchase Twitter earlier this year, but changed his mind and attempted to back out of the agreement by asserting the social media network was plagued with a significantly bigger number of “spam bots” and bogus accounts than Twitter reported.
The filing accuses fraud and contends that Twitter’s filings to the Securities and Exchange Commission were “far from the truth” and “contain multiple, major misrepresentations or omissions that distort Twitter’s value.”
Twitter claimed in its response that its SEC filings are correct and that the firm “made no misrepresentations,” according to The Washington Post and The Wall Street Journal.
Musk claims Twitter is lying about its active user count and how many of them are bots, and that his fraud allegations against the firm are adding to a so-called “adverse effect” that should allow him to withdraw from the contract, The Verge disclosed.
The notion that Musk was “duped” into signing the merger is “as improbable and contradictory to the facts as it sounds,” Twitter stated, adding Musk is allegedly creating justifications to get out of the deal, according to reports.
As part of its lawsuit against Elon Musk, Twitter has subpoenaed cryptocurrency exchange Binance and over a dozen of Musk’s advisors and potential lenders. Musk disclosed in May that he has secured investment from 18 firms, including Binance, to acquire Twitter.
Elon Musk, the wealthiest man in the world, is a well-known Dogecoin enthusiast. In a recent appearance on the Full Send Podcast, the self-proclaimed “Dogefather” stated that Dogecoin’s blockchain had a significantly higher transactional capacity compared to Bitcoin.
Elon Musk’s influence on the cryptocurrency community has been scientifically demonstrated. According to a research conducted by Dr. Lennart Ante for the Blockchain Research Lab, the “Musk Effect” is real.
Every time the billionaire comments about Dogecoin on Twitter, the price of this cryptocurrency typically rises relatively quickly.
Twitter describes Musk’s rationale for withdrawing from the acquisition agreement as “a tale he made up to exit a merger agreement he no longer found appealing.”
The trial between Twitter and Elon Musk is slated 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
Dive deep into the dynamic realm of cryptocurrencies with our expert analysis on DIGIFINEX, CRYPTOFI, AGIX, SATS, MATIC, CAKE, and the intriguing Coconut ChiCken(Coq). Explore the future trends and innovations shaping this exciting digital landscape.
AlexThe SEC's approval of 11 spot bitcoin exchange-traded funds (ETFs) marks a historic moment, allowing everyday investors access to bitcoin without direct ownership. Big names like BlackRock and Grayscale securing approval signal a significant shift, raising expectations for increased bitcoin investment and mainstream acceptance.
JoyExplore how Elon Musk's views on Bitcoin and the upcoming halving event in 2024 are shaping the cryptocurrency landscape and impacting investor strategies.
BrianIndia has heightened its crackdown on offshore crypto exchanges, leading Apple to remove apps of platforms like Binance and Bitfinex from its App Store within the country. Regulatory measures, including compliance notices and a 1% levy called Tax Deducted at Source (TDS), reflect India's commitment to enforcing crypto regulations, impacting both local and offshore exchanges.
JoyTron Founder Justin Sun is optimistic about global cryptocurrency acceptance, focusing on China's potential entry into Spot Bitcoin ETFs, while Hong Kong's Johnny Ng calls for swift implementation and enhanced virtual asset education.
JoyExplore Luno, the cryptocurrency investment app revolutionizing digital finance. Learn about its features, security, and global impact in our comprehensive guide.
KikyoEthereum co-founder Vitalik Buterin has proposed a 33% increase in the network's gas limit during a recent Reddit AMA, aiming to break a nearly three-year stagnation. The adjustment, if implemented, could enhance Ethereum's transactional capacity but raises concerns about heightened network risks, prompting the community to carefully weigh the potential benefits against security implications.
JoyDiscover Ripple Labs' major financial maneuver with a $285 million stock buyback, valuing the company at $11.3 billion. Understand the impact on investors, the market, and Ripple's future. Read our in-depth analysis of this significant event in the cryptocurrency industry and what it means for Ripple's growth and market position.
BrianDiscover how UBS and Citi, along with other financial giants, are revolutionizing the investment landscape by offering Bitcoin ETFs, broadening the investor base and marking a significant shift in traditional banking's approach to digital currencies.
BrianThe government continues to uphold its policy of not recognising virtual assets as financial assets and prohibits financial institutions from investing in such virtual assets.
Alex