Science

This is a war between Twitter and Binance!

The legal battle between Twitter and Elon Musk over a failed deal to acquire the social network is getting more complicated, and now Twitter is suing Binance.

Twitter is suing the companies involved in the acquisition of Elon Musk, including Binance.

Twitter lawyers involved in a lawsuit against Elon Musk over his botched $44 billion acquisition are ready to sue dozens of companies that were somehow involved in Elon Musk’s Twitter takeover bid.

Companies named include cryptocurrency exchange Binance, Factorial Funds, Benefit Street, Bandera Partners, Founders Fund Growth II Management, Credit Suisse, and Morgan Stanley. Twitter lawyers want to know the details of conversations with Elon Musk during those tense days when he allegedly decided to back out of a $44 billion purchase.

In response, Musk’s lawyers decided to subpoena Goldman Sachs and JP Morgan as witnesses, demanding clarification regarding the advice they gave Twitter in selling the company.

For his part, Elon Musk continues to claim that Twitter did not provide the necessary documents to have an idea of ​​the number of fake profiles that exist on the social network. Twitter’s response, expected via the social network on July 8 by its CEO Bret Taylor, was to sue Tesla’s billionaire owner to force him to honor his obligations.

Twitter’s public claims of bot prevalence are misleading, Musk said, and he recently formally required them to be made public by a judge to prove they exceed an mDAU estimate of less than 5% (monetizable daily active users).

The data does not match, and Elon Musk is trying to close the deal

Twitter does not deny that this assessment may be wrong, but at the same time considers this fact as a simple excuse to be able to withdraw the submitted purchase offer.

In a separate subpoena issued to the companies involved in the operation, Twitter asked them to turn over all documents and communications related to Musk’s May 17 tweet, citing “some possibility” that Twitter bots and/or a percentage of fake accounts or spam accounts “may exceed 90% of daily active users.

Twitter lawyers say the bot data clause was nowhere in the deal, while Musk’s lawyers say it’s necessary to:

“To assist Musk in financing and financial planning of the transaction and to participate in business transition planning […]”.

The trial is due to begin on October 17, but given the premise, it is clear that the battle between the two sides will be very tough in the coming months and there will certainly be no shortage of surprises.

To display Hide table of contents

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.