ICYMI: Elon Musk countersuit accuses Twitter of fraud
The countersuit by the billionaire and Tesla CEO alleges that Twitter committed fraud, breach of contract and violation of the Texas Securities Act.
Musk’s counterclaims were filed confidentially last week and unsealed in a filing late Thursday at the Delaware Chancery Court. Musk had offered to buy Twitter earlier this year, then tried to back out of the deal by claiming the social platform was infested with a larger numbers of “spam bots” and fake accounts than Twitter had disclosed.We apologize, but this video has failed to load.Musk’s attorneys argued that Twitter “misrepresentations or omissions” distorted Twitter’s value and caused Musk to agree to buy it at an inflated price.
Twitter called Musk’s reasoning “a story, imagined in an effort to escape a merger agreement that Musk no longer found attractive.”
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