Elon Musk accuses Twitter of defrauding him in a countersuit over a $44 billion deal

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Last Updated on August 7, 2022 by Bitfinsider

Elon Musk, CEO of Tesla and SpaceX, has filed a counter-suit against Twitter after the social media giant sued him for canceling the $44 billion deal to buy the platform. According to Musk’s countersuit, which was filed on Thursday and published on Friday.

This action arises out of Twitter’s misrepresentations to the Musk parties regarding the condition of the company and the ‘key metrics’ Twitter uses to evaluate the number of users on its platform.

Elon Musk

“Twitter was undercounting the number of false and spam accounts on its platform as part of its scheme to mislead investors about the company’s prospects by focusing on its ostensibly hundreds of millions of mDAU,” Musk claimed. The social media company defines monetizable daily active users (mDAU) as “users who logged in and accessed Twitter on any given day via Twitter.com or Twitter apps that can show ads.”

According to the countersuit, “after signing the merger agreement, however, the Musk parties learned troubling facts that have called Twitter’s representations into serious doubt.”

“While Twitter asks the court to compel the Musk parties to close as a result of Twitter’s misrepresentations and contractual breaches, the Musk parties seek relief from the grave inequity of such a result,” the Musk parties write.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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