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Musk alleges Twitter misled him about key elements of its enterprise

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Alleging the social media platform misled him about key elements of its enterprise earlier than he agreed to a $44 billion buyout, Elon Musk has accused Twitter of fraud.

Whereas Twitter is looking for to power him to shut the deal, Musk has argued the variety of customers who might be proven promoting on the platform is much under the agency’s figures.

“Twitter’s disclosures have slowly unraveled, with Twitter frantically closing the gates on data in a determined bid to forestall the Musk Events from uncovering its fraud,” the submitting said.

Accusing Twitter of committing fraud and breaching its contract together with violation of a securities legislation in Texas, Musk’s counterclaims had been filed confidentially final week.

Rejecting the mercurial billionaire’s argument, Twitter mentioned “The counterclaims are a made-for-litigation story that’s contradicted by the proof and customary sense.”

Justifying his termination of the deal, Musk mentioned it was as a result of the agency had misled him relating to its tally of faux and spam accounts.

Sticking to its estimates that lower than 5 p.c of the exercise on the platform, Twitter slammed Musk for his false declare that the false account determine topping 10 per cent is “untenable.”

Saying the evaluation relied on a “generic internet software” that designated Musk’s personal Twitter account as a possible bot, Twitter took difficulty with Musk’s estimate of faux accounts.

Earlier than the case’s high-profile trial on October 17, Twitter had set a vote on the merger for September 13 and requested shareholders to endorse the deal.

(With inputs from businesses)

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