Not all is well between Elon Musk and Twitter. In early July, the social network attacked the billionaire in court after he turned down a takeover bid. Twitter’s request is simple: fulfill its obligation to buy it out or pay a billion-dollar severance package. Thus, a few weeks later, it was Elon Musk’s turn to file a complaint against his enemy brother.
Lies and betrayals
According to AFP, the Tesla boss filed a complaint against Twitter last Friday. If the Delaware Office deems that this 164-page document should not be released to the public for privacy reasons, the Wall Street Journal claims that Elon Musk’s requests are about the number of users being bought out.
According to the billionaire, Twitter allegedly lied about these users after accepting the takeover bid. The social network has estimated that less than 5% of its active users are not authentic. For Elon Musk, it’s so much more. Thus, this controversy would cause him to back out and cancel his $44 billion takeover bid. This argument has been repeatedly put forward by Elon Musk on social networks, in particular … on Twitter.
Twitter is already paying
If justice delivers its verdict on October 17, the fallout from this case has already caused a stir on Twitter, especially in the stock market.
While Elon Musk promised to offer $54.20 per share in his buyback operation, numerous public criticisms of the billionaire on the social media, as well as doubts about the proportion of fake accounts, led to a drop in the share price.
So, on July 11, on the eve of Twitter’s complaint about Elon Musk, Twitter shares traded for just $32. On Friday, the day the billionaire filed his complaint, Twitter was quoted at $41.61.
Better? Not sure. Because the price of shares is not the only problem of the social network. The streak also caused the company’s advertising revenue to drop. Nothing else is happening.