Twitter Bid: Elon Musk Has a New Magic Trick

The legal battle between Elon Musk and Twitter (TWTR) heats up as we get closer to the five-day accelerated trial date set by the Delaware Chancery Court.

Indeed, as of October 17, the billionaire and CEO of Tesla (TSLA) will attempt to convince Judge Kathaleen McCormick that he had good reason to withdraw his $44 billion bid to acquire the platform after more than three months of a drama marked by multiple twists and turns.

The tech mogul had decided to put an end to his desire to buy Twitter on the pretext that the social network was not telling the truth about the exact number of spam bots or fake accounts that were present on the platform. Twitter has always disclosed in regulatory filings with the US Securities and Exchange Commission (SEC) that less than 5% of its users are fake accounts. Musk, who publicly ranted about the issue with Twitter CEO Parag Agrawal, estimates that spam bots could make up 20% of users. What is surprising is that as the reason for buying Twitter, the entrepreneur gave his determination to solve this problem of fake accounts.


Be the first to comment

Leave a Reply

Your email address will not be published.