Elon Musk and Twitter are set for another court showdown as the billionaire\u00a0launches a countersuit against the social media giant, which sued him for canceling the $44 billion contract to acquire the platform.<\/p>\n
Tesla and SpaceX CEO Elon Musk and his legal counsels are alleging in a recent filing that Twitter hoodwinked them about the social media giant\u2019s \u201ckey metrics,\u201d and manipulated its value in an attempt to induce the billionaire to purchase the firm at a jacked-up price.<\/p>\n
Musk offered to purchase Twitter earlier this year, but changed his mind and attempted to back out of the agreement by asserting the social media network was plagued with a significantly bigger number of \u201cspam bots\u201d and bogus accounts than Twitter reported.<\/p>\n
The filing accuses fraud and contends that Twitter\u2019s filings to the Securities and Exchange Commission were \u201cfar from the truth\u201d and \u201ccontain multiple, major misrepresentations or omissions that distort Twitter\u2019s value.\u201d<\/p>\n
Elon Musk: Twitter Uses Bots And Lies About User Count<\/h2>\n
Twitter claimed in its response that its SEC filings are correct and that the firm \u201cmade no misrepresentations,\u201d according to The Washington Post and The Wall Street Journal.<\/p>\n
Musk claims Twitter is lying about its active user count and how many of them are bots, and that his fraud allegations against the firm are adding to a so-called \u201cadverse effect\u201d that should allow him to withdraw from the contract, The Verge disclosed.<\/p>\n
The notion that Musk was \u201cduped\u201d into signing the merger is \u201cas improbable and contradictory to the facts as it sounds,\u201d Twitter stated, adding Musk is allegedly creating justifications to get out of the deal, according to reports.<\/p>\n
As part of its lawsuit against Elon Musk, Twitter has subpoenaed cryptocurrency exchange Binance and over a dozen of Musk\u2019s advisors and potential lenders. Musk disclosed in May that he has secured investment from 18 firms, including Binance, to acquire Twitter.<\/p>\n
The \u2018Dogefather\u2019 And His Influence On Crypto Community<\/h2>\n
Elon Musk, the wealthiest man\u00a0in the world, is a well-known Dogecoin enthusiast. In a recent appearance on the Full Send Podcast, the self-proclaimed \u201cDogefather\u201d stated that Dogecoin\u2019s blockchain had a significantly higher transactional capacity compared to\u00a0Bitcoin.<\/p>\n
Elon Musk\u2019s influence on the cryptocurrency community has been scientifically demonstrated. According to a research conducted by Dr. Lennart Ante for the Blockchain Research Lab, the \u201cMusk Effect\u201d is real.<\/p>\n
Every time the billionaire comments about Dogecoin on Twitter, the price of this cryptocurrency typically rises relatively quickly.<\/p>\n
Twitter describes Musk\u2019s rationale for withdrawing from the acquisition agreement as \u201ca tale he made up to exit a merger agreement he no longer found appealing.\u201d<\/p>\n
The trial between Twitter and Elon Musk is slated to begin on October 17.<\/p>\n
<\/p>\n
DOGE total market cap at $9.11 billion on the daily chart | Source: TradingView.com<\/a> \n \nFeatured image from Nikkei Asia, chart from TradingView.com<\/a><\/pre>\n<\/p><\/div>\n