The $44 billion acquisition of the social network by billionaire Elon Musk turned out to be a fiasco over the number of fake accounts. If Twitter says that they represent less than 5% of all users, the businessman says that they are much more.
After failing to get information to verify this fact, he finally decided to withdraw his offer, which prompted a complaint against him on Twitter in mid-July due to all the fuss created, bad publicity and, above all, the rupture of buyout obligations. The trial is due to begin in October.
In turn, Elon Musk files a complaint against Twitter and continues to claim that the social network lies about its internal data and ability to monetize through advertising due to the number of fake accounts far exceeding what he claims.
Judgment in October
Therefore, everyone puts forward their arguments, and Twitter was not kind to the behavior of the billionaire: “Musk, apparently, believes that he has the right […] change your mind, destroy the company’s reputation, disrupt its activities, destroy shareholder value and leave, ”the lawyers of the social network said.
As for the substance of the dispute, namely the share of fake accounts, it still remains a mystery that shakes the Twitter mindset and creates uncertainty among investors. Will the trial, which began on October 17, clarify the situation? Not sure as the poses are marked.
Complaint against complaint, all of this can end up in an amicable agreement between the two parties to drop charges and financial compensation.