Fox Business Senior Correspondent Charlie Gasparino has the latest on the billionaire’s lawsuit on ‘The Claman Countdown.’
Elon Musk’s deal to buy Twitter could still go ahead if details about the social media platform’s actual user accounts are confirmed.
Musk wants to know how many are ‘spam bots’ and how many are genuine.
Billionaire CEO of Tesla He agreed to buy Twitter for $44 billion in April but has been trying to back out of the deal since July, accusing Twitter of misleading his board about the true size of its user base and fraud and other issues he said breached the deal.
Twitter sued him last month to close the acquisition and Musk countersued.
Elon Musk’s Twitter profile is displayed on the computer screen and the Twitter logo is displayed on the phone screen. (Jakub Borzicki/NurPhoto via Getty Images/Getty Images)
Both sides are scheduled to appear in court in Delaware in October.
Elon Musk’s real beef with Twitter revealed
“If Twitter simply provides a way to sample 100 accounts and confirm they’re real, the deal should go ahead on original terms,” Musk tweeted early Saturday. “However, if their SEC filings turn out to be factually incorrect, it shouldn’t be.”
Musk, who has more than 100 million Twitter followers, was challenged Twitter CEO Barak Agarwal “To a Public Debate About Twitter Bot Percentage.”
A sign is displayed outside the Twitter headquarters in San Francisco. (AP Photo/Jed Jacobson / AP Newsroom)
Twitter declined to comment Saturday. The company has revealed several times Securities and Exchange Commission Less than 5% of user accounts are estimated to be fake or spam, a disclaimer that this could be higher. When he signed the April merger agreement, Musk waived his right to further due diligence.
Musk’s countersuit against Twitter says he and Wall Street were misled: Report
In the reported details of Musk’s countersuit, he alleged that Twitter intentionally “miscounted” its user metrics to account for the number of spam accounts it served “as part of a scheme to mislead investors about the company’s prospects.”
Elon Musk, left, and Twitter CEO Barak Agarwal. (Reuters | Twitter / Reuters Photos)
He says relying on mDAU, or monetizable daily active Twitter users, Twitter’s metric for revenue, is misleading to him as well.
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In a response filed with the Delaware Chancery Court, Twitter called Musk’s reasoning “a story concocted in an attempt to escape a merger deal that Musk is not attractive.”
The Associated Press provided this report.
